Back to the table: Glencore-Rio Tinto restart talks to create world’s largest mining company

Core Viewpoint - Glencore and Rio Tinto are in preliminary discussions for an all-share merger that could create the world's largest mining company [1][3]. Group 1: Merger Discussions - The discussions mark a renewed interest in a merger that dates back to 2014, when Rio Tinto initially rejected a proposal from Glencore but left the possibility open [2][3]. - In CY25, serious talks resumed but stalled again, leading to a temporary halt in negotiations [3]. - The current talks involve a potential structure where Rio Tinto would acquire Glencore, as confirmed by Rio Tinto's recent communications [3]. Group 2: Market Impact - If the merger proceeds, it would create a significant player in the copper market, with Glencore producing 1 million tonnes and Rio Tinto producing 800,000 tonnes annually, potentially controlling up to 7% of global demand [4]. - Copper prices have risen nearly 7% this year, reaching $13,387.50 per tonne, indicating favorable market conditions for such a merger [4]. - The new entity would surpass BHP Group in market position within the mining sector [4]. Group 3: Industry Context - This potential merger follows a recent agreement between Teck Resources and Anglo-American, which is set to form "Anglo Teck," highlighting ongoing consolidation trends in the mining industry [5].