Rio Tinto is the world’s second most valuable mining company and shares with its Melbourne-based neighbour BHP the distinction of being valued at more than $100 billion, but only just.
Rio’s stock was worth $103 billion on Thursday while Glencore, which in 2023 made an unsuccessful bid for Canada’s Teck Resources, is valued at $55 billion in London – placing it sixth.
As with BHP’s failed attempt at acquiring Ango American last year a Rio and Glencore combination is centred around copper, thanks to the bellwether metal’s bright long term prospects as the central commodity enabling the global energy transition.
Together, Rio and Glencore’s copper production would rival that of BHP. Glencore’s guidance for 2024 is around the 1 million tonne mark while Rio Tinto’s upper target is 720 kilotonnes.
A Rio-Glencore combination would leapfrog long-running number one BHP, which is worth $125…
