Jan 8, 2026 - Business

Glencore and Rio Tinto in talks for mining mega-merger

Dan Primack

Illustration of Benjamin Franklin wearing a miner's helmet with the light on. — Illustration: Aïda Amer/Axios

Glencore on Thursday said that it's in "preliminary discussions" to be acquired by Rio Tinto, in what could create the world's largest mining company.

Why it matters: This could have a major impact on the market for critical metals, including copper and iron.

The big picture: If this sounds familiar, it's because these two companies have flirted before.

In 2014, Rio rebuffed a Glencore approach.
They also held discussions in late 2024, but nothing came of it.

By the numbers: The combined company would be worth around $260 billion, easily topping current mining market leader BHP Group.

State of play: Glencore says that U.K. securities rules require that Rio Tinto either publicly announce an offer by Feb. 5. If it declines, then there would be a waiting period before it could bid.

Elsewhere, copper miners Anglo American and Teck Resources are nearing European Union regulatory approval for their proposed mega-merger.

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Glencore and Rio Tinto in talks for mining mega-merger

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