The South African CEO who could create the world’s largest mining company – worth R3 trillion
Rio Tinto is in talks to buy Glencore, with South African Gary Nagle set to lead Glencore during the talks that could create the world’s largest miner.
A combination of Rio Tinto and Glencore would create the world’s largest miner, with a combined market value exceeding $200 billion (approximately R3.3 trillion at current exchange rates).
The companies have confirmed that they are discussing a potential combination of some or all of their businesses, which includes an all-share takeover.
There is no certainty that the terms of any transaction or offer will be agreed upon, nor as to the terms or structure of any such transaction or offer, if approved.
Glencore and Rio hold massive copper assets, with the deal set to create a miner that could rival the world’s largest miner, BHP.
Rio and Glencore previously held discussions in 2024, but talks ended as they disagreed on valuation.
According to UK takeover rules, Rio will have until February 5 to confirm whether it will make an offer or walk away for six months.
The man who will lead Glencore’s side of the takeover is Nagle, who has been at Glencore for over two decades.
Nagle took over as CEO in 2021, replacing fellow South African Ivan Glasenberg. The closeness between the two saw Nagle being called “mini Ivan.”
Nagle had worked in the marketing and industrial businesses in Australia, South Africa, Colombia and Switzerland during his time at the miner.
He attended the University of Witwatersrand and qualified as a chartered accountant in 1999. He joined Glencore in 2000 as an asset manager in the coal department.
Following a swift rise, he was named as the CEO of Glencore’s Colombian coal operation, Prodeco.
After Glencore acquired Xstrata in 2013, Nagle moved to run the South African alloy assets. He was then named head of the company’s global coal assets in 2018.
By 2021, he was promoted to the hot seat. “Working with Ivan has been incredible. I have learn more than one can imagine from one individual,” said Nagle at his appointment.
“His drive, his leadership. And it is something that I want to take with me and help take this company to an even higher level. My leadership style is one of inclusiveness.”
While coal is a significant part of Glencore’s business, Nagle previously commented that the group will responsibly manage the decline of its coal assets, with a global push for cleaner sources of energy.
A potential sticking point of a takeover is Rio Tinto’s shift away from coal, with plans to sell all of its coal assets by 2018.
Push for copper
With the Glencore stock having come under pressure throughout 2025 amid lower coal prices, Nagle has highlighted the company’s plan to double production over the next decade.
The broader mining sector has seen a significant push for copper assets, with the resource being viewed as crucial for the further electrification of the global economy.
For instance, Anglo American, which fellow South African Duncan Wanblad leads, are set to merge with Canada’s Teck Resources, creating a massive copper producer.
Anglo American, which unbundled Anglo American Platinum in 2025, were previously a takeover target of BHP. Major corporate moves in the mining sector continue at a rapid pace.
With reporting from Bloomberg. Article update to make amendments related to BHP and Glencore.
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