Glencore says it is in early talks to be acquired by Rio Tinto

Copper anodes are cast at Furnace 8 at the Canadian Copper Refinery (CCR), part of the Glencore group, a copper and precious metal refinery in Montreal on Friday, July 25, 2025. THE CANADIAN PRESS/Christinne Muschi

Glencore said on Thursday it was in early talks to be acquried by Rio Tinto, in a combination that would potentially create the world’s largest mining company.

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The combined company would have an enterprise value of more than US$260 billion, according to the Financial Times, which first reported the news.

“Glencore confirms that it is in preliminary discussions with Rio Tinto about a possible combination of some or all of their businesses, which could include an all-share merger between Rio Tinto and Glencore,” it said in a statement.

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The Swiss miner and trader added that any deal would be implemented through Rio Tinto’s acquisition of Glencore through a court-sanctioned scheme of arrangement and that there was no certainty that the terms of any deal or offer would be agreed upon.

The deadline is 3:30 p.m. London time on that 10th business day.

U.S.-listed shares of Glencore were up six per cent after the company confirmed deal talks, while Rio Tinto’s U.S. listed shares were down 0.6 per cent.

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Rio Tinto, the world’s biggest iron ore miner, has a market capitalization of about US$142 billion, while Glencore is valued at US$65 billion as of last close.

Glencore had approached Rio Tinto in 2024 about combining the two big copper producers but the discussions were short-lived.

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Reporting by Shivani Tanna in Bengaluru; Editing by Shilpi Majumdar and Anil D’Silva