Anglo-Australian mining giant Rio Tinto’s six-month “cooling-off period” barring it from making a fresh takeover proposal to rival Glencore expired on Monday. However, according to multiple people familiar with the matter, CEO Simon Trott is focused on cost reduction and asset divestments, making a near-term resumption of merger talks unlikely.

Since taking the helm a year ago, Trott has streamlined the business into three core divisions, concentrating on the most profitable assets. A massive $200 billion merger concept with Glencore subsequently emerged, but Rio Tinto ultimately concluded it wouldn’t deliver sufficient value creation and walked away from negotiations on February 5. Under UK takeover rules, the six-month prohibition on making a new bid expired on Monday.

Michael Bell, chief investment officer at Solaris Investment Management, which holds Rio Tinto shares, said: “Rio Tinto received a clear message during the merger talks that ‘this is a line you shouldn’t cross.’ If they were to resume negotiations, the stock would take a hit from a corporate governance perspective.”

According to sources, Trott has told Australian investors there is no reason to resume talks. Rio Tinto declined to comment.

Trott has emphasized that Rio Tinto’s investments in aluminum, lithium, and copper over the past several years chart a path for future growth. Bell said, “The transformation Rio Tinto has undergone in aluminum, lithium, and copper in recent years is what people want to see for future growth. It’s not a return to coal.” Glencore is also one of the world’s largest coal exporters.

Following the surge in coal prices earlier this year, multiple investors reported in March that Glencore CEO Gary Nagle had hoped Rio Tinto might reconsider the proposal to create the world’s largest mining company.

Meanwhile, Glencore shares have risen 33% year-to-date, compared with an 18% gain for Rio Tinto’s UK-listed shares, tilting the valuation picture in Glencore’s favor. Morningstar analyst John Mills noted, “Glencore’s share price appreciation is certainly a factor that reduces the likelihood of Rio Tinto returning to the table.” He added that it would dilute value for Rio Tinto shareholders and undermine the justification for Trott’s decision to walk away.

Glyn Lawcock, an analyst at Barrenjoey, said, “The ball is in Glencore’s court. If there is going to be a proposal, it would have to be materially different from what was discussed and rejected six months ago.”

Trott’s immediate priority is raising funds through asset sales exceeding $10 billion. He has set a target of achieving half of that within the year, while also expanding the trading business and pursuing copper opportunities. Trott told analysts on last week’s earnings call that “Rio Tinto should look for partnerships and complementary acquisitions.”

Analysts at Barclays said, “The strategic challenge Rio Tinto highlighted in its approach to Glencore — namely, the lack of copper growth options beyond 2030 — cannot be easily solved outside of M&A.”

Glencore, for its part, is focused on proving the value of its copper assets while increasing its presence in Australia. After reporting interim results on Wednesday, it plans to hold a conference call with Australian institutional investors, including those that are not shareholders.

This investor outreach follows recognition that the company had underestimated the strength of Australian opposition to a merger with Rio Tinto, driven by concerns over coal exposure, uncertainty around the value of its marketing business, and past corporate governance issues.

In the UK, by contrast, BlackRock, a major shareholder in both companies, has supported consolidation among large mining companies, and reception to the merger concept was more favorable.

As Glencore weighs its options, it is exploring a potential Sydney listing and other partnership opportunities. Reuters reported in June, citing people familiar with the matter, that the possibility of Glencore making a friendly approach to BHP under new CEO Brandon Craig could not be ruled out. BHP declined to comment, but Craig has indicated he remains focused on growing the company’s own assets.

Bell stated plainly: “Our position is that we would not support a Glencore tie-up with either BHP or Rio Tinto.”

While speculation over a Glencore Sydney listing has receded somewhat, it hasn’t entirely disappeared. According to several banking sources, some funds would be willing to invest if a listing were to materialize.