![\"Glencore](\"https:\/\/www.europesays.com\/ch\/wp-content\/uploads\/2026\/02\/619e754ea630b97602763b99b2015ebd.jpeg\")
Glencore has said the terms offered by Rio Tinto ‘significantly undervalued’ its worth (Fabrice COFFRINI) \u00b7 Fabrice COFFRINI\/AFP\/AFP <\/p>\n Glencore has said the terms offered by Rio Tinto ‘significantly undervalued’ its worth (Fabrice COFFRINI) \u00b7 Fabrice COFFRINI\/AFP\/AFP <\/p>\n
British-Australian miner Rio Tinto said Thursday that it was ending talks to merge with smaller Swiss resources giant Glencore, a deal that would have created the world’s largest mining firm.<\/p>\n
“Rio Tinto has determined that it could not reach an agreement that would deliver value to its shareholders,” the group said in a statement.<\/p>\n
Together, the two companies would have been valued at around US$260 billion.<\/p>\n
Glencore said separately that the terms offered by Rio Tinto “significantly undervalued Glencore’s underlying relative value,” including not adequately valuing its copper business.<\/p>\n
“The parties were unable to reach agreement on the terms of a combination,” which included Rio Tinto keeping its chairman and chief executive as heads of the combined company, Glencore said in a statement.<\/p>\n
Both stocks ended lower on London’s FTSE 100 index, with Glencore sliding seven percent and Rio Tinto down 2.6 percent.<\/p>\n
The pair last month said they were in preliminary discussions about combining some or all of their businesses, in an all-share deal.<\/p>\n
That came after early merger talks between the pair had failed more than a year ago.<\/p>\n
“It had been thought that Rio Tinto’s new CEO might… succeed in getting the mega merger over the line,” said AJ Bell head of financial analysis Danni Hewson.<\/p>\n
“But with so much at stake and shareholders to appease, it seems ultimately the magic number couldn’t be found, at least not right now,” she added.<\/p>\n
– Copper –<\/p>\n
Before news of the merger plans, Rio Tinto’s new chief executive Simon Trott in December unveiled plans to revamp the British-Australian mining giant as it steps up production of copper.<\/p>\n
Combining forces would have given the two firms greater leverage to buy copper, a metal that is growing in demand as countries expand electrical networks to harness renewable energies.<\/p>\n
“There’s been considerable momentum in the mining sector as demand for metals like copper ramps up,” Hewson noted.<\/p>\n
The coveted metal is used also in electric-vehicle batteries and data centres for artificial intelligence.<\/p>\n
Surging demand has pushed copper prices to record highs in recent times.<\/p>\n
Glencore chief executive Gary Nagle has vowed to make the group one of the world’s largest copper producers, with its extensive stakes in copper mines from the Democratic Republic of Congo to Australia and South America.<\/p>\n
Rio Tinto is heavily focused on Australia, the leading exporter of iron ore that mostly heads to China for making steel.<\/p>\n
Trott, who in late August stepped up from his role as head of Rio Tinto’s iron ore division, has upgraded the group’s forecast for copper production in 2025 — to as much as 875,000 tonnes from up to 850,000.<\/p>\n
The CEO also identified lithium as a key growth area. The metal is in strong demand thanks to its use in electric vehicles and other clean energy technologies.<\/p>\n
Analysts had flagged cultural differences between the two firms, with Rio Tinto having exited its coal assets and Glencore holding on to the fossil fuel.<\/p>\n
Glencore announced in August that it had decided against spinning off its coal business, saying its shareholders viewed the fuel as a cash-generating activity.<\/p>\n
Emphasising moves by mining giants to consolidate, Australian resources giant BHP last year ended a renewed attempt to buy British rival Anglo American — a deal that would have created the world’s largest miner of copper.<\/p>\n
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