Rio Tinto and Glencore have restarted talks to merge, aiming to build the world’s largest mining company worth over $260 billion. The companies announced on Friday they are in "preliminary discussions" about a "possible combination of some or all of their businesses, which could include an all-share merger." Rio Tinto, valued at $162 billion, said the plan might lead it to acquire Glencore through a court-approved scheme. "The parties’ current expectation is that any merger transaction would be effected through the acquisition of Glencore by Rio Tinto by way of a court-sanctioned scheme of arrangement," Rio Tinto stated. They also warned, "There can be no certainty that an offer will be made or as to the terms of any such offer, should one be made." These renewed talks come after Anglo American merged with Canada’s Teck for $53 billion in September, creating a copper mining powerhouse. Copper prices recently hit an all-time high of over $13,300 per tonne. Analysts expect a supply gap of up to 10 million tonnes by 2040, boosting demand for strong mining players. Glencore, currently the world’s sixth-largest copper producer and biggest listed coal producer, aims to become "the biggest copper producer in the world," according to CEO Gary Nagle in December. Past merger talks between Rio Tinto and Glencore failed in 2024 due to issues like company leadership and coal assets. Glencore recently restructured to separate coal operations in Australia, while Rio Tinto exited coal mining in 2018. Under UK takeover rules, Rio Tinto has until 5 February to make a formal offer for Glencore or to announce it will not proceed. Shares of Rio Tinto fell 6% in Australia on Friday following the news.