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Bond Market News
Rio-Tinto and Glencore Resume Merger Talks
January 9, 2026
Rio Tinto and Glencore have resumed talks about a potential merger that could create the world’s largest mining company, with a combined market value exceeding $200bn. The discussions include a possible all-share deal covering some or all assets, reviving talks that collapsed in 2024 over valuation differences. The talks are driven largely by copper, now trading near record highs amid tight supply and strong demand tied to the energy transition, AI and defense spending. A deal could significantly boost Rio’s copper exposure, including access to prized assets such as Chile’s Collahuasi mine, and create a rival on par with BHP Group. However, hurdles remain, notably Glencore’s large coal business, cultural differences, and complex structuring questions. Under UK takeover rules, Rio must decide by February 5 whether to make a formal offer or step aside, as consolidation momentum continues across the mining sector following deals like Anglo American’s agreement to buy Teck Resources.
Bonds of both the companies were trading stable. For instance, Glencore’s 4.875% 2029s was trading at 101.8, yielding 4.2% and Rio Tinto’s 5% 2033s was at 102.6, yielding 4.6%.
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