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Rio Tinto has abandoned merger talks with Glencore, which could have created a $260 billion mining firm. The companies could not agree on terms, with Glencore claiming Rio's offer undervalued its assets.

Following the announcement, Glencore's shares fell by 8%, while Rio Tinto's shares dropped by 3%. These discussions came after previous merger efforts failed over a year ago. The focus on copper is increasing due to rising demand, with Rio Tinto's CEO promoting copper production growth. Under takeover rules, both companies are barred from further merger discussions for six months.