As of January 8, 2026, Rio Tinto and Glencore are engaged in preliminary discussion regarding an all-share merger valued at over US$70 billion (C$97.3 billion). The transaction would see London-based Rio Tinto, with a US$139-billion (C$193.4-billion) market capitalization, absorb its Switzerland-based rival through a scheme of arrangement requiring 75 percent of votes cast by shareholders. Negotiations remain fluid, with a source familiar with the negotiations indicating the deal could be structured as a merger of equals rather than a takeover. Under British takeover regulations, Rio Tinto faces a February 5 deadline to announce an offer or state it does not intend to make a bid. The combined entity would employ approximately 25,400 people in Canada and command dominant positions in aluminum, iron ore, coal, copper, lithium, and nickel production. Rio Tinto operates extensive Canadian assets including Quebec aluminum facilities representing close to half of its global aluminum production, British Columbia aluminum operations, Arctic diamond mines at the Diavik site, and Labrador City iron ore production, while Glencore contributes Quebec copper operations, nickel mining in Quebec and Ontario, and positions as Canada's largest steelmaking coal producer and second-largest refined zinc producer. Previous merger discussions in 2024 failed to reach agreement on issues including who would serve as CEO and whether to retain or spin out Glencore's coal operations. Historical context includes Glencore's US$7.3-billion (C$10.1-billion) acquisition of Teck's Elk Valley coal mines in 2023 and Rio's US$38-billion (C$52.8-billion) Alcan acquisition.