The Globe and Mail reports in its Saturday edition that Ottawa will only have a limited regulatory say if British miner Rio Tinto ends up buying Glencore of Switzerland, even though both companies have extensive operations in Canada.
A triple-bylined item led by Niall McGee reports that on Thursday, Rio said it was in talks with Glencore to potentially acquire it. If the deal happens, Rio would pass BHP Group to become the world's biggest mining company.
Rio would also consolidate its position as Canada's biggest metals and mining company. It already has massive aluminum operations in Quebec thanks to its acquisition of Alcan in 2007. Rio also mines diamonds at the Diavik site in the Canadian Arctic, and produces iron ore in Labrador City, Nfld.
Glencore also has an extensive footprint in Canada, with a big copper smelter and refinery in Quebec as well as giant nickel-mining operations in Quebec and Ontario. In addition, Glencore is Canada's largest producer of steelmaking coal and the second-largest producer of refined zinc.
Glencore in 2024 significantly bulked up its presence in Canada by acquiring a majority stake in the metallurgical coal business of Teck Resources for $6.9-billion (U.S.).
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