Rio Tinto Group shares fell as much as 1.8% in Sydney after Bloomberg News earlier reported the world’s second-biggest miner held early-stage talks with Glencore Plc about a deal.
The stock was trading 1.4% lower to A$117.95 a share at 10:08 a.m. local time, shortly after the open.
Rio and Glencore have recently held the talks, according to people familiar with the matter, who asked not to be identified discussing confidential information. It’s unclear whether the talks are still live.