Rio Tinto Unlikely to Revive Glencore Merger Talks as Standstill Expires

Mexico’s mining industry expects total investment to reach US$6.4 billion in 2026, up 30.8% from US$4.9 billion in 2025, according to the Mexican Mining Chamber (Camimex). The increase will be driven mainly by mine expansions, maintenance spending and equipment purchases. Mexico is one of the world’s leading silver producers and an important supplier of copper, gold and zinc. Major mining companies operating in the country include Grupo Mexico, Industrias Peñoles, Fresnillo, Torex Gold, First Majestic Silver, Agnico Eagle and Alamos Gold. Camimex noted that actual mining investment in 2025 totaled US$4.9 billion, below its initial estimate of US$5.31 billion. For 2026, maintenance is expected to account for the largest share of investment at US$1.11 billion, followed by project expansions at US$976 million and equipment purchases at US$835 million. The industry believes the rebound in investment will support mine development, sustain production at existing operations and help meet long-term demand for metals driven by infrastructure, manufacturing and the energy transition.

Glencore plans to seek a secondary listing on the Australian Securities Exchange in October, aiming to access Australia’s large pool of mining-focused capital, support its copper growth strategy and strengthen its ability to pursue potential acquisitions. Chief executive Gary Nagle said Australia offers a deep base of investors with strong mining expertise, as well as a pension market worth approximately A$4.4 trillion. Glencore expects to qualify for inclusion in the ASX 200 within 12 months of listing and eventually aims to enter the ASX 100. Glencore reported adjusted first-half earnings of US$10.1 billion, up 86% year-on-year and the second-highest result in its history, supported by higher commodity prices and strong trading profits from volatile energy markets.

Lion Copper & Gold has announced an initial resource estimate for its Bear copper deposit in Nevada. The deposit hosts approximately 1 billion indicated tonnes grading 0.29% copper for 6.7 billion lb. of contained copper, together with 1.7 billion inferred tonnes grading 0.22% copper for 8.7 billion lb. Bear forms part of the larger Rio Tinto-backed Yerington project. Including existing reserves and resources, Lion Copper’s Nevada portfolio now contains approximately 19 billion lb. of copper, placing Yerington among the state’s largest undeveloped copper projects and ahead of Hudbay Minerals’ Mason project, which contains about 15.3 billion lb. According to the August 2025 prefeasibility study, Yerington hosts 506.6 million short tons of proven and probable reserves grading 0.21% copper for approximately 2.1 billion lb. of contained metal. The project is expected to produce around 120 million lb. of copper cathode annually over a 12-year mine life, with initial capital expenditure of US$724 million, a post-tax net present value of US$694 million at a 7% discount rate and an internal rate of return of 14.6%. Both Bear and Yerington are covered by Lion Copper’s earn-in agreement with Rio Tinto and its Nuton subsidiary. Nuton has the right to acquire a 65% interest in the project through a newly formed company and has been testing its proprietary heap-leach technology at Yerington since 2022.