When Glencore proposed a combination with Rio Tinto Group a decade ago, the larger company turned it down after just a few days. News this week that the two spent several months in negotiations in the second half of last year shows how the sands have shifted,

Rio Tinto (NYSE:RIO) and Glencore (OTCPK:GLCNF) (OTCPK:GLNCY) reportedly discussed a potential merger for months at the top level of both companies, in what would be the mining industry's largest-ever deal.

More consolidation is needed, he told a private conference hosted by Goldman Sachs at LME Week. As it happened, Jakob Stausholm, the boss of rival mining company Rio Tinto, was also speaking at the event. Around the same time, Glencore and Rio held tentative talks about combining part or all of their business to create a $160bn mining behemoth.

STORY: Glencore reportedly approached Rio Tinto late last year about combining the two big copper producers.But a source told Reuters that the discussions are no longer active.Rio is the world's No. 2 miner.

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.

Rio Tinto Group y Glencore Plc han estado discutiendo la posibilidad de combinar sus negocios, según personas familiarizadas con el asunto, en lo que podría resultar en el mayor acuerdo de la historia de la industria.

Rio Tinto and Glencore have held early-stage talks about combining their businesses, Bloomberg News reported on Thursday, citing people familiar with the matter. The potential merger between the two mining heavyweights,

Rio Tinto and Glencore held talks last year about combining part or all of their businesses, in an indication of how the push by mining companies to secure metals needed for the energy transition has focused executives on large-scale deals.

A tie-up would have created a nearly £130billion behemoth that would have toppled BHP from its top spot as the world's biggest miner.

Rio Tinto and Glencore have discussed combining their businesses, according to people familiar with the matter. If successful, the tie-up would rank as the largest-ever mining deal and create a behemoth to rival longstanding leader BHP Group.