UPDATE 5-Glencore and Rio Tinto hold buyout talks to create $207 billion mega-miner

The two companies said one option would include ​an all-share buyout of Glencore by Rio Tinto. Rio Tinto, the world's biggest iron ore miner, has a market capitalisation of about $142 ‍billion, while Glencore is valued at $65 billion as of its last close.

Glencore and Rio Tinto said late on Thursday they were in early buyout ‌talks that could potentially create the world's largest mining company with a combined market value of nearly $207 billion. The discussions are the second round of talks in just over a year ⁠between the two companies, after Glencore approached Rio Tinto in late 2024 but a deal did not proceed.

Glencore and Rio Tinto said discussions were about a possible combination of some or all of their businesses. The two companies said one option would include ​an all-share buyout of Glencore by Rio Tinto.

Rio Tinto, the world's biggest iron ore miner, has a market capitalisation of about $142 ‍billion, while Glencore is valued at $65 billion as of its last close. The combined company would have an enterprise value, which takes into account debt, of more than $260 billion, according to LSEG data. The Financial Times 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 The Swiss miner and trader added that any ‍deal would be implemented through Rio Tinto's acquisition of Glencore in a court-sanctioned scheme of arrangement.

There was no certainty that the terms of ​any deal or offer would be agreed upon, Glencore and Rio Tinto said. Under UK takeover rules, Rio Tinto has ⁠until February 5 to make a formal offer for Glencore or say it will not proceed.

U.S.-listed shares of Glencore were up 6% after the company confirmed ⁠deal talks, while Rio Tinto's U.S. listed shares were down 0.6%. Rio, the world's No. 2 miner, and Glencore, one of the world's biggest producers of coal and base metals, restarted deal talks at the end of 2025, a source said.

Rio Tinto ⁠has undergone significant changes since the 2024 approach by Glencore. Under its new CEO Simon Trott, who took over in August, ⁠Rio Tinto is focused on ‌becoming leaner with fewer non-core assets. Both companies are shifting their focus towards copper, a commodity expected to be in high demand as the world adopts greener forms of energy.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)