On Friday, the two firms confirmed preliminary discussions concerning a combination of businesses, expected to be structured as an acquisition of Glencore via a court-sanctioned scheme of arrangement. This follows a previous attempt in late 2024, which collapsed due to disagreements over valuation and concerns regarding the future of Glencore’s coal portfolio.

The renewed interest is largely driven by surging global demand for copper, with prices reaching a record high of $13,387 a tonne this week. A successful merger would create a top-five global copper producer, allowing the combined entity to capitalise on this significant market momentum. The move also aligns with a broader trend of consolidation within the sector, following the $66 billion (c. £50bn) merger between Anglo American and Canada’s Teck Resources last September.

Internally, Rio Tinto has been preparing for strategic shifts under the leadership of CEO Simon Trott. In August, Mr Trott unveiled a restructuring plan designed to reduce expenses and release up to $10bn (c. £7.5bn) from the asset base. This strategy directs the corporation to concentrate on key product categories including iron ore, lithium, copper, and aluminium.

In today’s trading, Glencore’s UK shares saw gains of up to 10% while Rio Tinto plc dropped as much as 3%.

As per the UK Takeover Code, Rio Tinto now has until 5pm on 5 February 2026 to either announce a firm intention to make an offer for Glencore or announce that it does not intend to make an offer for Glencore.