智通财经网·2026-03-13 13:00Core Viewpoint - Glencore's CEO Gary Nagle is optimistic that the recent rise in coal prices may rekindle Rio Tinto's interest in creating the world's largest mining company through a merger [1] Group 1: Merger Discussions - Earlier this year, Glencore and Rio Tinto held negotiations to form a company valued at $240 billion, combining Glencore's marketing business and copper assets with Rio Tinto's operational expertise to meet the growing demand for metals [1] - Discussions ended last month without an agreement, and due to UK regulations, Rio Tinto cannot re-engage in talks with Glencore for six months [1] - Nagle remains hopeful about the prospects for another opportunity to reach an agreement [1] Group 2: Valuation and Market Performance - Glencore believes that Rio Tinto's valuation of the company is linked to the spot prices of key commodities like coal as of January 7, the day before negotiations became public, and suggests a more cautious assessment should consider forecasted prices [1] - Since January 7, coal prices and Glencore's stock have surged by 26%, while Rio Tinto's stock has increased by 9%, and iron ore prices have slightly declined [1] - Currently, Glencore's share in the combined market value with Rio Tinto is approximately 35%, up from 31.5% at the time negotiations were made public, and closer to the 40% share Glencore sought in the rejected deal [1]