Glencore approached Rio Tinto late last year about combining the two big copper producers but the discussions are no longer active, a person familiar with the matter said.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.

Both Glencore and Rio own some of the best copper mines in the world. However, Rio — like BHP — still depends heavily on iron ore to drive its profits, at a time when China’s decades-long construction boom is drawing to an end and the iron ore market appears headed for an extended period of weakness.

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