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Rio Tinto and Glencore held talks last year about combining part or all of their businesses, showing how the mining companies' push to secure metals needed in the energy transition has focused executives on big deals.
The London-listed companies were involved in preliminary talks as early as October, according to people familiar with the matter, but talks have not progressed to a deal.
A full merger between Rio and Glencore – which have market capitalization of $103 billion and $55 billion, respectively – would rank among the largest transactions in the mining industry.
Negotiations between the two companies followed BHP's failed £39bn bid for Anglo American last year, prompting competitors to explore strategic options.
BHP was interested in Anglo's copper mines, among other things, because the metal is used for renewable energy projects and electric vehicles.
Glencore and Rio both declined to comment. Bloomberg first reported that Rio and Glencore discussed combining their businesses.
Rio-quoted Australian shares fell 1.8 percent in early trade in Sydney, before rebounding to end up 1.4 percent.
The demand for commodities needed to decarbonise the world economy – such as copper, lithium and aluminum – has caused fluctuations in sales activity in the mining industry over the past year.
Rio last year announced a $7 billion acquisition of Arcadium Lithium, as it ramps up its presence in metals used in electric vehicle batteries.
People close to the company say it is still digesting the transaction.
The shareholder campaign is also pushing for Rio to move its main line from London to Sydney to allow for more share-based deals in the future.
Glencore, which has large trading and mining operations, has been discussing the future of its coal business.
The company said it would spin off its coal mines as a separate business by 2023, but then. changed his mind last year and decided to keep them.
Rio rejected a takeover bid for Glencore in 2014.