Glencore approached Rio Tinto late last year about combining the two big copper producers but the discussions are no longer active, a person familiar with the matter said.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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A merger of the two giants would result in a de facto takeover of Glencore by Rio Tinto. The latter is the world's second-largest mining group after BHP, with a market capitalisation of $103 billion dollars. Glencore has a market capitalisation of $55 billion.