The proposed merger between Rio Tinto and Glencore may not have eventuated, but the strategic logic that underpinned the talks – consolidating and strengthening copper exposure – is very much alive across the sector. In the lead-up to last week’s February 5 deadline, speculation centred on how Rio could accelerate its copper growth by acquiring Glencore, leveraging the latter’s balance sheet, operational expertise and project development capability to extract greater value from a combined portfolio. The deal ultimately faltered amid fundamental differences between the two companies, with leadership structure, ... (full story)