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,

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.

Analysts at CreditSights said any potential union would raise questions about strategic alignment and corporate culture and whether the two were a good match.

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.

Glencore approached Rio Tinto late last year about combining the two big copper producers but the discussions are no longer active, a person familiar with the matter said.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

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,