More consolidation is needed, he told a private conference hosted by Goldman Sachs at LME Week. As it happened, Jakob Stausholm, the boss of rival mining company Rio Tinto, was also speaking at the event. Around the same time, Glencore and Rio held tentative talks about combining part or all of their business to create a $160bn mining behemoth.

Glencore approached Rio Tinto late last year about combining the two big copper producers but the discussions are no longer active, a person familiar with the matter said. The talks between Rio, the world's No.

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Fitch Solutions company CreditSights says a rumoured merger between major diversified miners Rio Tinto and Glencore could result in a $126-billion company. However, the rumoured merger raises questions about strategic alignment and corporate culture owing to Rio Tinto’s lack of interest in coal assets and Rio Rinto being considered as a conservative and stable company,

Rio Tinto and Glencore have held early-stage talks about combining their businesses, Bloomberg News reported on Thursday, citing people familiar with the matter. The potential merger between the two mining heavyweights,

A tie-up would have created a nearly £130billion behemoth that would have toppled BHP from its top spot as the world's biggest miner.