Rio Tinto and Glencore are in early talks for a potential all-share merger, pending regulatory and shareholder approval.

According to multiple reports, Rio Tinto and Glencore are in preliminary talks about forming the world's largest mining company through an all-share merger. The discussions, which follow failed talks in 2024, are ongoing and could result in a formal offer by February 5 under UK merger rules. While no terms have been disclosed, the transaction could bring together Rio Tinto's iron ore and copper assets with Glencore's diverse portfolio, which includes coal and commodity trading. Glencore's US-listed shares rose 6%, while Rio Tinto's Australian shares fell 6.3%. Analysts identify rising demand for copper and industry consolidation as key drivers, including Anglo American's proposed merger with Teck Resources. The outcome is dependent on regulatory and shareholder approval.