Mining giants Rio Tinto and Glencore have discussed a merger that would create a formidable rival for BHP Group, Bloomberg reported on Thursday.
Early-stage talks have been held on the matter, taking place as recently as late 2024, the report said, citing people close to the matter.
BHP ranks as the world’s largest miner, with a market value of USD 126 billion.
A merger between Rio Tinto (valued at USD 104 billion) and Glencore (USD 56 billion) would more than surpass that, and would rank as the mining industry’s largest-ever transaction.
Rio Tinto is in the process of growing its copper business, an area in which Glencore is a global leader.
Swiss-headquartered Glencore marketed 3.3 million tonnes of copper metal and concentrates in 2023. It produces the ore at sites in South America, the Democratic Republic of the Congo and Australia. Beyond mines, the company owns smelters, refineries and recycling plants.
Representatives of Rio Tinto and Glencore did not comment on the report.