Key Information - The discloser is Dimensional Fund Advisors Ltd., which is acting as an investment advisor and disclaims beneficial ownership of the shares mentioned [1][4] - The relevant securities pertain to Rio Tinto PLC, with disclosures also made for Rio Tinto Ltd and Glencore PLC [1] Positions of the Discloser - Dimensional Fund Advisors holds 4,604,521 shares of Rio Tinto PLC, representing 0.37% of the total relevant securities [3][5] - There are no short positions disclosed for the relevant securities [3] Dealings - A purchase of 912 shares of Rio Tinto plc ADR was made at a price of 82.88 USD per unit [9] - A transfer out of 31,772 shares of 10p ordinary was also noted [9] Other Information - There are no indemnity or option arrangements related to the relevant securities [13] - No agreements or understandings regarding voting rights or future acquisition/disposal of relevant securities were disclosed [14] - The date of disclosure is 13 January 2026, with contact information provided for further inquiries [15]

Group 1 - Rio Tinto (RIO.US) is seeking a deal with Glencore and has hired several banks, including Evercore and JPMorgan, to assist in the negotiations [1] - The potential merger between Rio Tinto and Glencore could create the world's largest mining company with a market value exceeding $200 billion, marking the largest deal in the industry's history [3] - The discussions come amid soaring copper prices, which have recently surpassed $13,000 per ton due to supply constraints and increased demand from sectors like artificial intelligence and defense [3] Group 2 - A successful merger would significantly boost Rio Tinto's copper production and provide access to the coveted Collahuasi copper mine in Chile [4] - Rio Tinto's new CEO, Simon Trott, is focused on cost-cutting and simplifying operations, indicating a willingness to pursue acquisitions more openly [4] - Glencore, while primarily attractive for its copper assets, is also the world's largest coal trader and has significant operations in nickel and zinc, raising questions about Rio Tinto's interest in acquiring all of Glencore's assets [4]

Core Viewpoint - Goldman Sachs reports that Rio Tinto (RIO.US) and Glencore are in early discussions regarding a potential merger through "agreement arrangements" [1] Group 1: Rio Tinto's Position - Rio Tinto is in a strong position with attractive growth projects in copper, iron ore, and lithium, with 15-20 projects under development [1] - The company is expected to achieve a 3%-4% annual copper equivalent production growth over the next decade, primarily between 2025-2030 [1] - The potential merger with Glencore is surprising to the market, especially as Rio Tinto plans to divest $5-10 billion in non-core assets and reduce capital expenditure guidance by $1 billion to $10 billion annually [2] - Rio Tinto's copper growth options are limited and technically complex, while Glencore has lower capital intensity brownfield projects [4] Group 2: Glencore's Perspective - Glencore emphasizes the importance of industry consolidation and prudent acquisitions to enhance global influence and negotiation power [5] - The merger would provide Glencore with synergies from its coal business, copper growth options, and marketing department, supporting incremental production [5] - The opportunity to merge with Rio Tinto would allow Glencore to gain world-class iron ore and aluminum businesses, which have high entry barriers [5] Group 3: Valuation and Market Sentiment - Goldman Sachs does not provide a valuation for any potential transaction but notes that Glencore is regaining market trust after years of underperformance [7] - The ongoing dialogue between Glencore and Rio Tinto has been intermittent for over a decade, with renewed discussions starting more than a year ago [7] - As of January 9, Rio Tinto's London-listed stock has an enterprise value/EBITDA of 5.1 times, while Glencore's is 6.4 times [7] - Goldman Sachs maintains a "buy" rating for Rio Tinto with a 12-month target price of £71 per share, based on a weighted calculation of net asset value and enterprise value/EBITDA [8]

Group 1: ETF Market Development - China’s ETF market has reached a milestone with the first fund management company, Huaxia Fund, surpassing 1 trillion yuan in ETF assets under management, totaling 10096.84 billion yuan [1] - Non-monetary ETFs account for 10095.9 billion yuan, representing 16% of the total ETF market size of approximately 6.25 trillion yuan [1] - Huaxia Fund has maintained the leading position in ETF management for 21 consecutive years since the launch of the first domestic ETF in 2005, with a cumulative growth of 3356.84 billion yuan since 2025 [1] Group 2: Emerging Market ETF Inflows - Investors have continued to pour money into emerging market ETFs for the 12th consecutive week, with inflows reaching 39.7 billion USD, the highest in over a year [2] - The inflow includes 39.6 billion USD into stock ETFs and 770 million USD into bond ETFs, increasing total assets from 442.7 billion USD to 452.6 billion USD [2] - The MSCI Emerging Markets Index rose by 1.6% to 1452.35 points during the same week [2] Group 3: Fund Management and IPO Trends - Debon Fund has implemented emergency purchase limits after reportedly attracting 12 billion yuan in a single day, adjusting purchase limits for its funds [3] - The proportion of IPO cases using a "tiered fee" model has significantly decreased from about 38% in 2023 to 6% in 2025, with a hybrid fee model becoming mainstream [3] Group 4: Commodity Market Developments - The price of lithium carbonate has surged to over 150,000 yuan per ton, with a daily increase of 9%, driven by high demand in the lithium battery sector [5] - Copper and aluminum prices have reached historical highs, with domestic copper contracts hitting 105,500 yuan per ton and aluminum contracts at 24,915 yuan per ton [5] - Major mining companies are consolidating to gain strategic pricing power in the copper market, with a potential merger between Rio Tinto and Glencore being discussed [5] Group 5: Transformer Industry Growth - The transformer industry is experiencing high demand due to accelerated global grid construction and AIDC needs, with several companies reporting a surge in orders [6] - The industry is expected to continue benefiting from a favorable market environment for the next 2 to 3 years [6] Group 6: Semiconductor Industry Trends - The semiconductor sector is witnessing a rise in merger and acquisition activities, with a 15% increase in cases year-on-year, although the failure rate of these mergers has also increased [7] - Industry experts suggest differentiated mergers and phased incubation of acquisition funds to mitigate risks associated with semiconductor mergers [7] Group 7: Corporate Developments - JA Solar has announced an expected net loss of 4.5 to 4.8 billion yuan for 2025, compared to a loss of 4.656 billion yuan in the previous year [11] - Mingyang Smart Energy plans to acquire control of Dehua Company, with the transaction currently in the planning stage [12]

Group 1 - The market sentiment for non-ferrous metals, particularly copper and aluminum, is strong, with both domestic and international prices reaching historical highs in early January 2026 [2] - The Shanghai Futures Exchange's copper futures hit 105,500 yuan/ton, while aluminum futures reached 24,915 yuan/ton, marking record levels [2] - Major mining companies Rio Tinto and Glencore have initiated merger talks, which could lead to the creation of a mining giant valued over $260 billion, enhancing their influence over copper pricing [2][3] Group 2 - The merger of Anglo American and Teck Resources is set to create the fifth-largest copper mining company globally, indicating a trend towards increased concentration in the mining sector [3] - Analysts suggest that the consolidation of mining giants will strengthen their bargaining power and pricing authority in the market, especially for copper, which is facing supply shortages [3] - Chile's national copper company reported a 3% year-on-year decline in copper production, further reinforcing expectations of supply constraints [3] Group 3 - The copper-aluminum price ratio is becoming an important indicator for aluminum price trends, with a shift in consumption patterns observed, particularly in the air conditioning industry favoring aluminum over copper [4] - Concerns over supply chain security amid geopolitical tensions are expected to sustain interest in non-ferrous metals, driving prices higher due to both industrial demand and speculative investments [4]

Key Information - Dimensional Fund Advisors Ltd. is acting as an investment advisor and disclaims beneficial ownership of the shares mentioned in the disclosure [1] Positions of the Person Making the Disclosure - Dimensional holds 1,778,291 shares of Rio Tinto plc ADR, representing 0.14% of the relevant securities [4][6] - There are no short positions disclosed for the relevant securities [4] Dealings - Dimensional sold 11 shares of Rio Tinto plc ADR at a price of 81.2050 USD per unit [10] - Dimensional also sold 1,919 shares of Rio Tinto plc ADR at a price of 81.3929 USD per unit [10] Other Information - There are no indemnity or option arrangements related to the relevant securities [16] - No agreements or understandings regarding voting rights or future acquisition or disposal of relevant securities have been disclosed [17]

Key Information - Dimensional Fund Advisors Ltd. is acting as an investment advisor on behalf of its affiliates and disclaims beneficial ownership of the shares mentioned in the disclosure [1] Positions of the Person Making the Disclosure - Dimensional holds interests in Rio Tinto plc, specifically 4,633,584 shares, representing 0.37% of the relevant securities [4][6] - There are no short positions disclosed for Rio Tinto plc [4] Other Information - The date of the position held is noted as January 9, 2026 [5] - The disclosure includes dealings in Rio Tinto plc ADR, with sales of 11 shares at $81.2050 and 1,919 shares at $81.3929 [10]

This story was originally published on CFO.com. To receive daily news and insights, subscribe to our free daily CFO.com newsletter. Nearly a decade after opening a fraud lawsuit against the former CFO of British-Australian mining company Rio Tinto, the Securities and Exchange Commission is dropping the case. On Friday, the SEC announced it had dismissed its civil case against Rio Tinto’s former finance chief Guy Elliott. The commission is dropping the case “with prejudice,” which means it cannot be reli ...

杰富瑞近日发布力拓(RIO.US)的权益研究报告，聚焦这家全球矿业巨头的投资价值、业务布局及风险回 报前景。核心结论显示，力拓当前股票风险与回报已达平衡，其锂业务为关键增长引擎，同时面临战 略、地缘政治等多重风险。该行给予"中性"评级，目标价为5788便士/股。 阿根廷锂矿实地考察总结 该行参与了力拓(RIO)组织的阿根廷林孔(Rincon)和菲尼克斯(Fenix)锂矿资产实地考察，并与当地公司代 表及阿根廷政府官员举行了会谈。此次考察进一步强化了该行对力拓锂业务发展愿景的逐渐乐观看法。 该行依然认为，该业务板块能让投资者受益于大宗商品价格的持续上涨，而扩产计划也将在中期为公司 带来可观的盈利贡献。 控制资本支出 除了2029财年前承诺的28亿美元资本支出外，锂业务部门需在力拓整体投资组合中竞争后续资金支持。 若出现重大资本支出超支情况，后续应对措施尚不明确。尽管该部门已规划了此时间框架后的增长项 目，计划将产能从20万吨/年碳酸锂当量(LCE)提升至约37万吨/年LCE，但该行认为，除非锂市场出现实 质性、持续性改善，否则这些项目难以推进。 阿根廷经济是否正崛起? 该行与阿根廷央行行长、矿业部长、能源资源副 ...

Core Viewpoint - Heavyweight miners Glencore and Rio Tinto are in early-stage talks for a potential $200 billion merger, a deal that has been anticipated for nearly two decades [1] Group 1: Leadership and Cultural Shifts - Glencore's CEO Gary Nagle views the merger as "the most obvious deal in mining," a sentiment echoed by his predecessor [2] - The leadership change at Rio Tinto, with Simon Trott replacing Jakob Stausholm, has led to a more open attitude towards large-scale transactions [3] - Cultural frictions between the two companies have lessened, with both sides showing flexibility on management structure and valuation [3] Group 2: Strategic Focus and Market Dynamics - Rio Tinto's revenue is heavily reliant on iron ore, which accounted for over 50% of its latest earnings, while demand is weakening due to the Chinese property market [5] - The focus of the merger discussions is on copper, which is critical for electrification and AI-driven demand growth, with a potential 10-million-ton annual shortfall by 2040 without new mining and recycling [6] - Glencore possesses a robust pipeline of brownfield and greenfield copper projects, which Rio lacks but has the expertise to develop [7] Group 3: Investor Sentiment and Market Reaction - Investor sentiment towards coal has softened, with Rio Tinto now open to retaining Glencore's coal assets, although coal remains a contentious issue [4] - Market reaction has been mixed, with Glencore shares rising nearly 8.5% while Rio Tinto shares fell 6.27% [8]