Rio Tinto and Glencore have talked about combining their businesses

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Rio Tinto and Glencore held talks last year about a partial or full merger, a sign that the mining companies’ push to secure metals needed for the energy transition has kept executives focused on larger deals.

The London-listed companies held talks in early October, but the talks did not lead to an agreement, according to people familiar with the matter.

The full merger between Rio and Glencore – with capitalizations of $103 billion and $55 billion respectively – ranks among the largest transactions in the mining industry.

Discussions between the two companies followed. BHP’s £39bn bid for Anglo American fails. Last year, it made competitors evaluate strategic options.

BHP wants Anglo Copper mines, among other things, because the metal is used in renewable energy projects and electric vehicles.

Glencore and Rio both declined to comment. Bloomberg first reported that Rio and Glencore discussed combining their businesses.

Demand for commodities that power the global economy, such as copper, lithium and aluminum, has fueled a flurry of trading activity in the mining industry over the past year.

Rio last year announced a $7 billion deal to buy Arcadium Lithium, as it expands its presence in batteries used for electric vehicles.

People close to the company said it is still digesting that transaction.

An activist shareholder campaign is also pushing for Rio to move its main listing from London to Sydney to enable more share-based deals in the future.

Glencore, which has a large commodities trading business as well as mining operations, has been debating the future of its coal business.

The company In 2023, he said he would spin off the coal mine into a separate business, but then He changed his mind. Last year and decided to keep them.

Rio in 2010 He turned down a takeover bid by Glencore in 2014.