Glencore and Rio Tinto are at it again – and it seems the markets smell action

The Guardian - World NewsCenter-LeftEN 3 min read 100% complete by Nils PratleyJanuary 9, 2026 at 06:13 PM

AI Summary

medium article 3 min

Rio Tinto and Glencore, two FTSE 100 mining companies, have announced preliminary discussions regarding a potential combination of some or all of their businesses, a deal estimated to be worth $260 billion. This follows previous aborted negotiations and occurs amidst a broader trend of deal-making in the global mining industry. Challenges remain, including cultural differences between Glencore's commodity trading focus and Rio Tinto's pure mining operations, as well as differing views on Glencore's coal assets. The potential merger is driven by the increasing demand for copper, a key metal for electrification, and would create the largest market capitalization and most liquid equity in the sector. Market reaction saw Glencore's shares rise and Rio Tinto's shares fall, suggesting anticipation of a deal.

Key Entities & Roles

Key Player Opposition Context

China 40% Alcan 40% Gary Nagle 50% FTSE 100 50% Jefferies 50% Anglo-American ×260% Simon Trott 60% Teck Resources 60% Glencore ×990% Rio Tinto ×1090%

Keywords

glencore 100% rio tinto 100% merger 90% mining industry 80% copper 70% deal-making 70% coal assets 60% commodities trading 60% share price 50% market cap 40%