Finance
Factbox-How Glencore and Rio Tinto's core assets stack up
Published by Global Banking & Finance Review®
Posted on February 5, 2026
4 min readLast updated: February 5, 2026
Quick Summary
Glencore and Rio Tinto's core assets in copper, iron ore, and coal are compared, highlighting their production capabilities and failed merger attempts.
Comparing Core Assets of Glencore and Rio Tinto in Mining Sector
Core Asset Comparison
Feb 5 (Reuters) - Rio Tinto walked away from a mega-mining deal with rival Glencore for the third time on Thursday.
Attempts to combine the companies have repeatedly fallen short. Rio rejected a merger approach from Glencore in 2014, saying it was not in the best interests of shareholders, and another round of discussions in 2024 also fizzled out without a deal.
Had the two companies joined forces, their combined operations would have created a behemoth valued at nearly $207 billion.
Rio Tinto's Copper Assets
Below are details of their key operations:
Both the miners are focusing more on copper, driven by demand from clean energy projects and AI data centers.
RIO TINTO: Copper assets
2024
Mines/Projects Ownership Production (Rio
Location Tinto share)
Kennecott U.S. 100% 193,000 tonnes
(refined)
Escondida Chile 30% 414,000 tonnes
(refined and
mined)
Oyu Tolgoi Mongolia 66% 142,000 tonnes
(mined)
Bingham Canyon U.S. 100% 123,000 tonnes
(mined)
** Rio Tinto's share of refined and mined copper production in 2024 was 872,000 tonnes.
Glencore's Copper and Other Assets
GLENCORE: Copper and other assets
Mines/pro Type Location 2024 copper
jects Ownership production
Kamoto Copper & Democratic 70% 190,600 tonnes
Copper Cobalt mine Republic
Company of Congo
Mutanda Copper & Democratic 95% 33,900 tonnes
Mining Cobalt mine Republic
S.A.R.L of Congo
Collahuasi Copper mine Chile 44% 245,800 tonnes
Lomas Copper mine Chile 100% 74,100 tonnes
Bayas
Antamina Copper & Peru 33.8% 144,700 tonnes
Zinc mine
Antapaccay Copper mine Peru 100% 145,800 tonnes
** Glencore also produces copper from Mount Isa, Australia, and the Kidd mine in Canada. Glencore's total copper production in 2024 was 951,600 tonnes.
Rio Tinto's Iron Ore Assets
RIO TINTO: Iron Ore assets
Rio Tinto is the world's largest producer of iron ore. It produced 287.7 million tonnes (Mt) of iron ore in 2024. The following are its assets:
Mines/project Location Ownership 2024
s production in
Mt (Rio's
share)
Hamersley Australia * 224.8
mines
Hope Downs Australia 50% ~21
Robe River - Australia 53% 16.8
Robe Valley
Robe River - Australia 53% 15.6
West Angelas
Iron Ore Canada 58.7% 9.4
Company of
Canada
* Includes 100% of production from Hamersley Iron's Pilbara mines; holds 54% stake in Eastern Range mine, with the entire output attributable to Rio.
Other commodities:
Rio Tinto produces and markets a range of commodities, led by iron ore, aluminium, copper, lithium, borates and titanium dioxide, as well as diamonds and salt, supplying customers globally through a portfolio of long‑life mining and processing assets.
Glencore's Coal Assets
GLENCORE: Coal assets
Glencore produced 119.5 million tonnes of coal at its assets in 2024. The company produces and exports seaborne-traded thermal and steelmaking coal in its mines in Canada, Colombia, South Africa and Australia.
Here are its coal assets:
Steelmaking coal 2024
production (Mt)
Canadian steelmaking coal 12.5
Australian steelmaking coal 7.4
Energy coal 2024
production (Mt)
Australian semi‑soft coal 3.3
Australian thermal coal (export) 54.1
Australian thermal coal (domestic) 6.5
South African thermal coal (export) 11.7
South African thermal coal (domestic) 4.9
Cerrejon thermal coal 19.1
Other commodities
Glencore trades over 60 commodities, including metals such as copper, cobalt, nickel, zinc, lead, ferroalloys, aluminium, iron ore, gold, and silver, as well as energy products like thermal coal, crude oil, and natural gas.
It sources these commodities from both its own mines and smelters and from third-party suppliers, providing flexibility and scale.
(NOTE: Ownership and production numbers are based on 2024 figures)
(SOURCES: Rio Tinto's 2024 annual report, Glencore's 2024 annual report, company websites)
(Compiled by Ankita Bora, Nithyashree R B and Yamini Kalia in Bengaluru; Editing by Maju Samuel)
Key Takeaways
- •Rio Tinto and Glencore have repeatedly failed to merge.
- •Both companies focus heavily on copper due to demand from clean energy.
- •Rio Tinto is the largest iron ore producer globally.
- •Glencore's coal production spans multiple continents.
- •The combined value of a merger would be nearly $207 billion.
Frequently Asked Questions about Factbox-How Glencore and Rio Tinto's core assets stack up
1What is copper mining?
Copper mining involves extracting copper from the earth, which is used in electrical wiring, plumbing, and various industrial applications due to its excellent conductivity.
2What are iron ore assets?
Iron ore assets refer to the mining operations and reserves that produce iron ore, a key raw material for steel production.
3What is coal mining?
Coal mining is the process of extracting coal from the ground, which is used primarily for electricity generation and steel production.
4What is a merger in the mining sector?
A merger in the mining sector occurs when two mining companies combine to form a single entity, often to enhance operational efficiency and market share.
5What are core assets?
Core assets are the primary resources or properties that a company relies on for its main business operations, contributing significantly to its revenue.
