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Swiss resources giant Glencore is still open to a transformative merger with another mining group, its CEO said Wednesday, two weeks after dropping a plan to combine with British-Australian miner Rio Tinto.<\/p>\n
\u201cIf another opportunity comes for us where we can create a big, mega, major miner on the right conditions for our shareholders, we would look at that,\u201d Gary Nagle said during a conference call after presenting Glencore\u2019s 2025 earnings.<\/p>\n
The proposed deal with Rio would have created the world\u2019s biggest mining firm, a behemoth valued at $260 billion poised to capitalise on surging demand for copper and iron as well as rare earths critical in high-tech industries.<\/p>\n
But when announcing the end of merger talks this month, Glencore said the terms offered by Rio \u201csignificantly undervalued Glencore\u2019s underlying relative value\u201d.<\/p>\n
\u201cWe just couldn\u2019t reach agreement on value and that\u2019s fine \u2014 We look after our shareholders, they look after their shareholders,\u201d Nagle said Wednesday.<\/p>\n
\u201cThis is not a deal that we had to do,\u201d he added, but rather \u201ca deal that\u2026 we would have liked to do at the time,\u201d he said.<\/p>\n
His comments came as Glencore announced a return to full-year profits, which reached $363 million after a loss of $1.6 billion in 2024.<\/p>\n
In a statement Nagle called it a \u201ca year of significant progress\u201d and said the company would focus on \u201csuccessfully progressing our organic production growth options\u201d.<\/p>\n
In particular Glencore will step up copper production amid a surge in prices fuelled by AI-fuelled demand for massive data centres, and the shift toward clean energy technologies.<\/p>\n
Annual copper production should reach one million tonnes by the end of 2028, Glencore said, before rising to around 1.6 million tonnes by 2035.<\/p>\n
On top of a 2025 dividend payout of $0.10 per share, Glencore will also recommend an exceptional payout of $0.07 based on last year\u2019s return to profit.<\/p>\n
\u201cFor many, many decades ahead, the business case for Glencore, a cash generative, returns to shareholder business, is incredibly strong,\u201d Nagle said during the call.<\/p>\n
Analysts at UK investment firm Hargreaves Lansdown said Glencore would likely find willing partners to help fund its copper production targets, requiring investments estimated at $23 billion.<\/p>\n
\u201cGlencore\u2019s ability to go it alone is not in question. Debt levels are manageable and it generates around $4bn of free cash flow every year,\u201d the analysts said in a research note.<\/p>\n
\u201cBut the consolidation theme is unlikely to go away.\u201d<\/p>\n
Glencore\u2019s shares were up 4.3 percent on the London Stock Exchange, their main listing, and have jumped 24 percent since the start of this year, despite the collapse of the Rio Tinto talks.<\/p>\n
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