Port Hedland handles vast volumes of iron ore from all major miners including BHP Group, Rio Tinto Group, and Fortescue.
The news of Glencore and Rio’s discussions “has turned up the temperature on an already simmering M&A environment,” RBC Capital Markets analyst says.
The move is expected to become effective Jan. 23, subject to approvals such as a final court order from the Supreme Court of British Columbia.
Agnico, the second-largest gold miner by stock market value, agreed to acquire O3 last month for about C$204 million.
