{"id":10502,"date":"2026-02-17T14:44:23","date_gmt":"2026-02-17T14:44:23","guid":{"rendered":"https:\/\/www.europesays.com\/ch\/10502\/"},"modified":"2026-02-17T14:44:23","modified_gmt":"2026-02-17T14:44:23","slug":"rio-tinto-in-talks-to-buy-glencore-in-deal-that-would-make-it-worlds-largest-miner","status":"publish","type":"post","link":"https:\/\/www.europesays.com\/ch\/10502\/","title":{"rendered":"Rio Tinto in talks to buy Glencore in deal that would make it world\u2019s largest miner"},"content":{"rendered":"

Open this photo in gallery:<\/a><\/p>\n

The Rio Tinto aluminum smelter in Jonqui\u00e8re, Que. Glencore says it is in ‘preliminary discussions’ with Rio Tinto on on an all-share merger.Renaud Philippe\/The Globe and Mail<\/p>\n

Rio Tinto PLC RIO-N<\/a> is poised to become the world\u2019s largest miner, and by far the biggest player in Canadian critical minerals, by acquiring rival Glencore PLC GLCNF<\/a> in a US$70-billion-plus takeover.<\/p>\n

On Thursday, Glencore and Rio Tinto said in separate statements that the two companies are in \u201cpreliminary discussions\u201d on an all-share merger in which Rio Tinto would absorb its Baar, Switzerland-based rival. London-based Rio Tinto has a US$139-billion market capitalization, making it about twice the size of Glencore.<\/p>\n

The two miners published the statements after the Financial Times reported that they were in merger talks.<\/a><\/p>\n

Major mining companies have been consolidating and committing billions of dollars to develop properties containing copper and other critical minerals.<\/p>\n

The deal would likely have policy implications in Ottawa, where Prime Minister Mark Carney\u2019s<\/a> government has included critical-minerals mines among the major economic-development projects it is promoting as a counterbalance to the increasingly protectionist trade policy of the United States.<\/p>\n

Carney\u2019s major projects, mapped<\/a><\/p>\n

In December, the federal government gave its approval to a $20-billion merger of equals between Teck Resources TECK-B-T<\/a>, a major Vancouver-based miner, and Britain-based Anglo American PLC NGLOY<\/a>. The Rio Tinto-Glencore transaction, however, would involve two European companies, albeit with significant Canadian holdings.<\/p>\n

The transaction would be structured as a \u201cscheme of arrangement,\u201d which requires approval from 75 per cent of votes cast by shareholders, Glencore said.<\/p>\n

\u201cThere is no certainty that the terms of any transaction or offer will be agreed, nor as to the terms or structure of any such transaction or offer, if agreed,\u201d it added.<\/p>\n

Glencore and Rio are still in talks and a source familiar with the negotiations said the two companies could join forces through a merger of equals, rather than a takeover. A merger transaction would be similar to the deal between Anglo American and Teck.<\/p>\n

The Globe and Mail is not naming the source because they are not permitted to speak for the companies involved in the negotiations.<\/p>\n

BHP Group Ltd. BHP-N<\/a>, the world\u2019s largest miner with a US$163-billion market capitalization, attempted to break up the marriage by making a friendly offer for Anglo. The Anglo board of directors turned down the overture.<\/p>\n

In coming weeks, Melbourne-based BHP is expected to review strategic options that could include a rival offer for Glencore.<\/p>\n

Rio Tinto and BHP dominate production of several minerals, including iron ore, and competition regulators around the world would likely block any attempt to unite the world\u2019s two largest miners.<\/p>\n

In August, Rio Tinto appointed a new chief executive officer, Simon Trott. He launched strategic reviews of several divisions, including the company\u2019s boron mine in California. Rio Tinto\u2019s chair is former Canadian ambassador to China Dominic Barton.<\/p>\n

Joly touts Anglo-Teck deal as a win, but worries remain over Canada\u2019s mining future<\/a><\/p>\n

In 2023, Glencore CEO Gary Nagle launched a hostile bid for Teck and ended up acquiring its coal mines in B.C.\u2019s Elk Valley for US$7.3-billion. In December, Mr. Nagle said his goal is to make Glencore the world\u2019s largest copper miner.<\/p>\n

Rio Tinto and Glencore\u2019s boards have not decided who would run the combined company, according to the source.<\/p>\n

Under British takeover regulations, Rio Tinto must either announce an offer for Glencore by Feb. 5, or state that it does not intend to make a bid.<\/p>\n

Both Rio Tinto and Glencore have extensive mining operations in Canada, employing about 14,000 and 11,400 people, respectively, in the country.<\/p>\n

Quebec\u2019s Saguenay-Lac-Saint-Jean region is the site of close to half of Rio Tinto\u2019s global aluminum production, with an alumina refinery, five smelters and six hydropower plants among other infrastructure facilities.<\/p>\n

The company also makes aluminum in B.C., mines diamonds at the Diavik site in the Canadian Arctic, and produces iron ore in Labrador City, N.L.<\/p>\n

Glencore has an equally extensive footprint, with a copper smelter and refinery in Quebec as well as nickel-mining operations in Quebec and Ontario. The company is also Canada\u2019s largest producer of steelmaking coal and the second largest producer of refined zinc.<\/p>\n

Rio and Glencore together would have broad exposure to the top mining commodities: aluminum, iron ore, coal, copper, lithium and nickel. Glenore would add the world\u2019s biggest commodities trading operations to the mix. Rio has a marketing division, but not commodity trading desk.<\/p>\n

Glencore and Rio Tinto have been circling each other for two decades. It\u2019s an open secret in the industry that Ivan Glasenberg, who was CEO of Glencore from 2002 to 2021, tried to do a deal with Rio several times.<\/p>\n

He approached, in succession, Rio bosses Tom Albanese, Sam Walsh and Jakob Stausholm, who left Rio last August and was replaced by Mr. Trott, an iron-ore specialist.<\/p>\n

In 2024, Rio Tinto and Glencore held merger talks but failed to reach a deal because of issues that included who would be CEO and whether to keep Glencore\u2019s massive coal operations or spin them out as an independent company.<\/p>\n

In a previous round of mining mergers, from 2006 to 2007, Rio Tinto acquired Montreal-based aluminum producer Alcan Inc.<\/a> for US$38-billion, and Switzerland\u2019s Xstrata PLC took control of Canadian nickel miner Falconbridge for US$18-billion.<\/p>\n

A few years later, Glencore bought Xstrata.<\/p>\n

Editor\u2019s note: An earlier version of this story incorrectly stated that Glencore has iron ore mines in Sudbury, Ont. It has nickel mines.<\/p>\n","protected":false},"excerpt":{"rendered":"Open this photo in gallery: The Rio Tinto aluminum smelter in Jonqui\u00e8re, Que. Glencore says it is in…\n","protected":false},"author":2,"featured_media":10503,"comment_status":"","ping_status":"","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[123],"tags":[1064,1051,1065,1042,1040,1066,563,1039,1057,1058,1054,1041,1038,39,1062,457,1056,1049,132,1077,1043,1044,70,1052,1053,899,1067,1047,1072,1073,1075,1070,1074,1068,1071,1045,1060,1061,69,1059,1069,1050,789,1063,1055,1048,1046,1076],"class_list":{"0":"post-10502","1":"post","2":"type-post","3":"status-publish","4":"format-standard","5":"has-post-thumbnail","7":"category-glencore","8":"tag-alberta","9":"tag-arts-news","10":"tag-bc","11":"tag-breaking-news","12":"tag-breaking-news-video","13":"tag-british-columbia","14":"tag-canada","15":"tag-canada-news","16":"tag-canada-sports","17":"tag-canada-sports-news","18":"tag-canada-trafficcanada-weather","19":"tag-canadian-breaking-news","20":"tag-canadian-news","21":"tag-economy","22":"tag-education","23":"tag-environment","24":"tag-federal-government","25":"tag-foreign-news","26":"tag-glencore","27":"tag-globe-and-mail","28":"tag-globe-and-mail-breaking-news","29":"tag-globe-and-mail-canada-news","30":"tag-government","31":"tag-life-news","32":"tag-lifestyle","33":"tag-local-news","34":"tag-manitoba","35":"tag-national-news","36":"tag-new-brunswick","37":"tag-newfoundland-and-labrador","38":"tag-northwest-territories","39":"tag-nova-scotia","40":"tag-nunavut","41":"tag-ontario","42":"tag-pei","43":"tag-photos","44":"tag-political-news","45":"tag-political-opinion","46":"tag-politics","47":"tag-politics-news","48":"tag-quebec","49":"tag-sports-news","50":"tag-technology","51":"tag-travel","52":"tag-trudeau","53":"tag-us-news","54":"tag-world-news","55":"tag-yukon"},"share_on_mastodon":{"url":"","error":""},"_links":{"self":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/10502","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/comments?post=10502"}],"version-history":[{"count":0,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/posts\/10502\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media\/10503"}],"wp:attachment":[{"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/media?parent=10502"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/categories?post=10502"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.europesays.com\/ch\/wp-json\/wp\/v2\/tags?post=10502"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}