Published by Global Banking & Finance Review®
Posted on January 13, 2026
2 min readLast updated: January 19, 2026
Rio Tinto is exploring a $200 billion acquisition of Glencore, advised by JPMorgan, Evercore, and Macquarie, marking a significant move in mining industry consolidation.
By Andres Gonzalez
LONDON, Jan 13 (Reuters) - Rio Tinto has engaged JPMorgan and two other advisers on its potential acquisition of Glencore, a deal that could create the world's largest miner worth over $200 billion, a source with knowledge of the situation told Reuters.
The other banks Rio Tinto has engaged are Evercore and Australian financial services group Macquarie, the person said. The roles are highly prized as bankers jostle for a share of potentially more than $100 million in advisory fees that such a deal could generate.
The potential transaction represents the latest attempt at consolidation in the global mining industry, as companies race to secure reserves of metals including copper, needed for the energy transition and artificial intelligence.
Glencore has not yet formally retained an adviser, a second person with knowledge of the matter said. The people spoke on condition of anonymity because the matter is private. Citi retains ties to the company as the U.S. bank has advised it on previous deals including its failed acquisition of Teck in 2023, Reuters reported previously.
The two mining giants have explored combining operations before, with Rio Tinto rejecting a Glencore merger offer in 2014, saying it was not in shareholders' interest, while more recent merger talks in late 2024 also concluded without an agreement.
Bloomberg previously reported the names of banks advising on the latest attempt.
(Reporting by Andres Gonzalez; Editing by Anousha Sakoui and Emelia Sithole-Matarise)
An acquisition is a corporate action in which one company purchases most or all of another company's shares to gain control of that company.
Advisory fees are charges paid to financial advisors or consultants for their expertise and guidance in transactions such as mergers and acquisitions.
The mining industry involves the extraction of minerals and other geological materials from the earth, which are essential for various sectors, including construction and manufacturing.
A merger is a business combination where two companies join to form a new entity, often to enhance competitiveness and operational efficiency.
Investment banking is a segment of banking that helps companies raise capital by underwriting and issuing securities, as well as providing advisory services for mergers and acquisitions.
Explore more articles in the Finance category
