(Bloomberg) -- Rio Tinto Group and Glencore Plc have been discussing combining their businesses, according to people familiar with the matter, in what could result in the industry’s largest-ever deal.
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Rio and Glencore have recently held early-stage talks about a deal, the people said, asking not to be identified discussing confidential information. It’s unclear whether the talks are still live.
A representative for Rio declined to comment. A spokesperson for Glencore wasn’t immediately available.
Rio Tinto is the world’s second-biggest miner, with a market value of about $103 billion, while Glencore is valued at $55 billion. Combining the two businesses would potentially create a behemoth to leapfrog longstanding industry leader BHP Group, which is worth about $126 billion.
Rio’s American depositary receipts declined while Glencore jumped.
The mining industry has been galvanized by a wave of dealmaking in the past couple of years, driven largely by a desire by the biggest producers to expand in copper — a metal central to the world’s decarbonization efforts.
Both Glencore and Rio own some of the best copper mines in the world. However, Rio — like BHP — still depends heavily on iron ore to drive its profits, at a time when China’s decades-long construction boom is drawing to an end and the iron ore market appears headed for an extended period of weakness.
--With assistance from Jack Farchy.
(Updates with further background.)
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