Mining mergers face rising regulatory scrutiny

Mining executives from Glencore, Anglo American, and Rio Tinto stated that regulatory scrutiny of major mergers is increasing as governments focus on critical minerals and security of supply amid geopolitical volatility. They do not view this as a fundamental barrier to dealmaking, though approvals may take longer. Recent failed mega-deals, such as Rio Tinto-Glencore talks and BHP's attempts to acquire Anglo American, were hindered more by valuation and strategy than regulation. Anglo American's proposed merger with Teck Resources is pending approval in China, which may seek supply commitments rather than asset sales. The International — European Commission has opened an in-depth investigation into Anglo American's sale of nickel assets to MMG, citing potential supply diversion. Executives noted that regulatory approvals now take 12 to 18 months but remain manageable.