Rio Tinto in early talks to buy Glencore

What happened

Rio Tinto is in early talks about an all-share buyout of “some or all” of Glencore, a combo that could create the world’s biggest miner (around $207B in combined value).

Initial tape reaction was mixed: U.S.-listed Glencore shares jumped about 6%, while Rio’s Australia-listed shares closed about 6.3% lower, signalling “acquirer risk” and fears of overpaying.

The strategic backdrop is copper. Reuters notes miners are racing to bulk up in copper, and cites S&P Global’s view that copper demand could rise 50% by 2040 with a large supply gap unless more recycling and mining ramp up.

Key catalysts to watch next

1. February 5, 2026 deadline (UK Takeover Code): Rio must either announce a firm intention to make an offer or walk away (unless extende ...