Rio Tinto and Glencore Discuss Business Combination

Rio Tinto and Glencore are reportedly in preliminary discussions regarding merging their businesses, according to Bloomberg News. The proposed merger has the potential to create a company valued at approximately $US158 billion, which would exceed BHP's valuation. Glencore currently produces 1 million tonnes of copper annually, compared to Rio Tinto's 800,000 tonnes, pointing towards a notable surge in global supply post-merger. Both companies have refrained from providing comments on the talks. Following the news, Glencore's stock surged by 7.4 percent, while Rio Tinto's shares experienced a 2.5 percent decline.