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South African executive Gary Nagle is in talks to merge Swiss mining and commodity trading giant Glencore Plc with global mining leader Rio Tinto. The planned merger, if finalized, would create a mining company valued at more than $260 billion, one of the largest ever in the sector, reflecting a renewed focus on metals that power the green economy, signaling a period of strategic consolidation in mining that could reshape the sector for years.
The renewed talks, which gained strength on Friday, January 9, 2026, come just over a year after earlier merger discussions between the two companies fell apart. Both Glencore and Rio confirmed they are in “preliminary discussions” about a “possible combination of some or all of their businesses, which could include an all-share merger.” In private conversations, Nagle described a Glencore-Rio tie-up as “the most obvious deal in the industry.”
Merger blends coal, copper, iron assets
A merger would give the combined company a commanding presence in copper and iron, two metals critical to the energy transition and global infrastructure. Copper prices have recently approached record highs, reflecting strong demand for clean energy technologies. The deal would mark the largest consolidation in an industry already active with acquisitions, though potential challenges remain. Glencore remains one of the world’s largest coal producers, a sector Rio has exited, thus raising questions about aligning strategies.
Despite differences in corporate culture, both companies have significant copper assets. Nagle has said Glencore aims to become “the biggest copper producer in the world.” The merger would position the new company to compete directly with BHP Group, the world’s largest mining firm. For Rio, the deal would expand copper output and give it a stake in Chile’s Collahuasi mine, one of the richest deposits globally. Both Rio and BHP still rely heavily on iron ore, a market facing slower demand as China’s construction growth slows.
Glencore accelerates global copper investments
Glencore is one of the most active buyers of copper assets recently. Under Nagle, it has revealed plans to nearly double copper output. Glencore declared in August 2025 that it would invest $13.5 billion in copper projects in Argentina. In December 2025, it acquired full ownership of Peru’s Quechua copper project, near the Antapaccay mine, after JX exited the venture. The company also secured $395 million in Australian support to maintain operations at the Mount Isa copper smelter while expanding energy and refining acquisitions across Asia.
