05:20 AM EST, 01/17/2025 (MT Newswires) -- (Updates with Rio Tinto's comment in fourth paragraph.)

Rio Tinto (RIO) and Glencore held preliminary talks about a potential merger, Bloomberg News reported Thursday, citing people familiar with the matter.

The discussions were described as early stage, and it is unclear if they are still underway, the report said.

Rio Tinto is the world's second-largest mining group with a market value of $103 billion, while Glencore is worth about $55 billion, which may make a potential merged business worth more than BHP Group, the current industry leader valued at $126 billion, the report said.

Glencore and Rio Tinto declined to comment.

Shares of Rio Tinto fell 1.4% in recent Thursday trading.

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