Rio Tinto and Glencore begin new merger talks
British-Australian mining giant Rio Tinto and Swiss mining company Glencore have officially confirmed that they are holding another round of preliminary discussions on a potential merger that could result in the creation of the world’s largest mining company.
“Glencore notes the recent media speculation and confirms that it is in preliminary discussions with Rio Tinto regarding a potential combination of some or all of their businesses, which may include a merger in the form of a share exchange between Rio Tinto and Glencore. It is anticipated that any merger transaction would be implemented through the acquisition of Glencore by Rio Tinto,” Glencore said in a press release.
Under the relevant regulations, Rio Tinto has until 5:00 p.m. London time on 5 February 2026 either to announce a firm intention to make an offer to acquire Glencore or to state that it does not intend to make such an offer.
According to Bloomberg, the value of the deal could reach $207 billion.
Talks about a possible merger between the two companies are not taking place for the first time. In early 2025, Bloomberg and Reuters, citing sources, reported that Rio Tinto and Glencore had “recently” held brief merger discussions, which ended without any agreement. At that time, the talks did not progress beyond the very early stages.
In 2014, the negotiations were more public and lasted longer; however, in October Rio Tinto announced that the parties had failed to reach an agreement.
According to CompaniesMarketCap data as of January 2026, Rio Tinto’s market capitalization stands at approximately $140 billion, while Glencore is valued by the market at around $60 billion.
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