Rio Tinto and Glencore have called time on renewed merger talks, abandoning plans for a deal that would have reshaped the global mining sector.

The companies confirmed on Thursday that discussions had ended without agreement, scrapping a proposed tie-up that could have created the world’s largest mining group, with a market value well north of $200bn.

Rio said it was no longer considering a merger or other business combination with Glencore after concluding that it could not reach terms that would deliver sufficient value to its shareholders. The decision came on the UK takeover “put up or shut up” deadline, forcing Rio to either make a firm offer or walk away.

Glencore, for its part, said the proposed terms significantly undervalued its contribution to any combined group. The miner and commodities trader said the structure failed to properly reflect the value of its copper business and growth pipeline, and did not justify handing control to Rio’s existing leadership.

The collapse marks the third time merger talks between the two groups have fallen apart. Previous discussions in 2014 and again in 2024 also ended without a deal, despite repeated speculation over the past two decades about combining the two rivals.

Under UK takeover rules, Rio is now barred from making another approach for six months unless specific conditions are met or the Takeover Panel grants consent.

The talks were revived against a backdrop of renewed consolidation pressure across the mining sector, following last year’s $53bn merger between Anglo American and Teck Resources. A Rio–Glencore combination would have created a dominant force across iron ore, copper, cobalt and lithium—commodities central to energy transition supply chains and the AI-driven demand boom.

Founded in 1873, Rio Tinto employs around 60,000 people across 35 countries and has an enterprise value of about $162bn. Glencore, which began life as a trading house in the 1970s, operates in more than 30 countries and has a workforce of roughly 150,000, including contractors.

Both companies said they would now refocus on their standalone strategies, with Glencore stressing the strength of its diversified portfolio and long-term copper growth plans, and Rio reiterating its commitment to disciplined capital allocation and shareholder returns.