The global mining landscape has been jolted after Rio Tinto (ASX:RIO) abandoned merger talks with Swiss rival Glencore, scuttling a proposed $300 billion deal that would have created the world's largest diversified miner.
The collapse marks the third failed attempt to unite the two titans, following previous breakdowns in 2014 and 2024.
Despite the strategic allure of a combined entity controlling 7% of global copper production, negotiations disintegrated over a "valuation impasse" and a bitter leadership dispute.
Rio Tinto CEO Simon Trott maintained a disciplined stance, insisting on retaining both the Chairman and CEO roles for Rio.
Glencore, however, rejected these terms, accusing Rio of a "lowball offer" that failed to account for a control premium or the immense value of its copper pipeline.
The merger was seen as a pivot for Rio Tinto to diversify away from its iron ore dependence and capitalise on the green energy transition.
With copper prices surging toward $13,000 per tonne, the metal is increasingly critical for electric vehicles and AI-driven data centres.
Glencore shares plummeted as much as 11% in London before stabilising, while Rio shares shed 2.6%, following the news.