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The Rio Tinto Group logo atop Central Park tower, which houses the company’s offices, in Perth, Australia, on Friday, Jan. 17, 2025.

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The mining sector appears poised for a frantic year of dealmaking, following market speculation over a potential tie-up between industry giants Rio Tinto and Glencore.

It comes after Bloomberg News reported Thursday that British-Australian multinational Rio Tinto and Switzerland-based Glencore were in early-stage merger talks, although it was not clear whether the discussions were still live.

Separately, Reuters reported Friday that Glencore approached Rio Tinto late last year about the possibility of combining their businesses, citing a source familiar with the matter. The talks, which were said to be brief, were thought to be no longer active, the news agency reported.

Rio Tinto and Glencore both declined to comment when contacted by CNBC.

A prospective merger between Rio Tinto, the world’s second-largest miner, and Glencore, one of world’s largest coal companies, would rank as the mining industry’s largest-ever deal.

Combined, the two firms would have a market value of approximately $150 billion, leapfrogging longstanding industry leader BHP, which is worth about $127 billion.

Analysts were broadly skeptical about the merits of a Rio Tinto-Glencore merger, pointing to limited synergies, Rio Tinto’s complex dual structure and strategic divergences over coal and corporate culture as factors that pose a challenge for concluding a deal.

“I think everyone’s a bit surprised,” Maxime Kogge, equity analyst at Oddo BHF, told CNBC via telephone.

“Honestly, they have limited overlapping assets. It’s only copper where there is really some synergies and opportunity to add assets to make a bigger group,” Kogge said.

Global mining giants have been mulling the benefits of mega-mergers to shore up their position in the energy transition, particularly with demand for metals such as copper expected to skyrocket over the coming years.

A highly conductive metal, copper is projected to face shortages due to its use in powering electric vehicles, wind turbines, solar panels and energy storage systems, among other applications.

Oddo BHF’s Kogge said it is currently “really tricky” for large mining firms to bring new projects online, citing Rio Tinto’s long-delayed and controversial Resolution copper mine in the U.S. as one example.

“It’s a very promising copper project, it could be one of the largest in the world, but it is fraught with issues and somehow acquiring another company is a way to really accelerate the expansion into copper,” Kogge said.

“For me, a deal is not so attractive,” he added. “It goes against what all these groups have previously tried to do.”

What's behind the looming copper shortage

Last year, BHP made a $49 billion bid for smaller rival Anglo American, a proposal which ultimately failed due to issues with the deal’s structure.

Some analysts, including those at JPMorgan, expect another unsolicited offer for Anglo American to materialize in 2025.

M&A parlor games

The company logo adorns the side of the BHP gobal headquarters in Melbourne on February 21, 2023. – The Australian multinational, a leading producer of metallurgical coal, iron ore, nickel, copper and potash, said net profit slumped 32 percent year-on-year to 6.46 billion US dollars in the six months to December 31. (Photo by William WEST / AFP) (Photo by WILLIAM WEST/AFP via Getty Images)

William West | Afp | Getty Images

Analysts led by Ben Davis at RBC Capital Markets said it remains unclear whether talks between Rio Tinto and Glencore could result in a simple merger or require the breakup of certain parts of each company instead.

Regardless, they said the M&A parlor games that arose following merger talks between BHP and Anglo American will undoubtedly “start up again in earnest.”

“Despite Glencore once approaching Rio Tinto’s key shareholder Chinalco in July 2014 for a potential merger, it still comes as a surprise,” analysts at RBC Capital Markets said in a research note published Thursday.

BHP’s move to acquire Anglo American may have catalyzed talks between Rio Tinto and Glencore, the analysts said, with the former potentially looking to gain more copper exposure and the latter seeking an exit strategy for its large shareholders.

“We would not expect a straight merger to happen as we believe Rio shareholders would see it as favouring Glencore, but [it’s] possible there is a deal structure out there that could keep both sets of shareholders and management happy,” they added.

Copper, coal and culture

Analysts led by Wen Li at CreditSights said speculation over a Rio Tinto-Glencore merger raises questions about strategic alignment and corporate culture.

“Strategically, Rio Tinto might be interested in Glencore’s copper assets, aligning with its focus on sustainable, future-facing metals. Additionally, Glencore’s marketing business could offer synergies and expand Rio Tinto’s reach,” analysts at CreditSights said in a research note published Friday.

“However, Rio Tinto’s lack of interest in coal assets, due to recent divestments, suggests any merger would need careful structuring to avoid unwanted asset overlaps,” they added.

A mining truck carries a full load of coal at Glencore Plc operated Tweefontein coal mine on October 16, 2024 in Tweefontein, Mpumalanga Province, South Africa.

Per-anders Pettersson | Getty Images News | Getty Images

From a cultural perspective, analysts at CreditSights said Rio Tinto was known for its conservative approach and focus on stability, whereas Glencore had garnered a reputation for “constantly pushing the envelope in its operations.”

“This cultural divide might pose challenges in integration and decision-making if a merger were to proceed,” analysts at CreditSights said.

“If this materializes, it could have broader implications for mega deals in the metals [and] mining space, potentially putting BHP/Anglo American back in play,” they added.

— CNBC’s Ganesh Rao contributed to this report.

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What’s happening with Tesla’s solar roof?

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What's happening with Tesla's solar roof?

The Tesla Solar Roof tiles are still alive, but the product is on the back burner at Tesla as it failed to achieve its promises.

When launching the solar roof in 2016, CEO Elon Musk presented it as a critical product to accelerate solar power deployment, as it opens up the market to people who want to go solar but also need to replace their roof soon.

He said that he aimed for Tesla to produce 1,000 new solar roofs per week by the end of 2019. 

However, Tesla didn’t reach volume production of the solar roof tiles until 2020, and even then, it was at a fraction of the deployment it was aiming for.

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In 2022, Electrek reported that Tesla installed solar roofs for the first time and confirmed that the Company deployed 2.5 MW of solar roofs during the second quarter of 2022, equivalent to approximately 23 roofs per week, which is far short of its goal.

Since then, Tesla has even further pulled back its solar effort – and even stopped reporting its solar deployment.

Many people are asking what it means for the solar roof, which Musk touted as a revolutionary product.

In 2023, we reported that Tesla began phasing out its solar business, particularly its in-house installations.

Tesla shifted its focus on deploying Powerwalls and solar inverters through third-party installers.

The same thing is happening with Tesla’s solar roof tiles. The company appears to be giving up on installing them itself, but some installations are still happening with third-party certified installers.

Tesla doesn’t even give online quotes on its solar roof anymore and has people submit requests for quotes through third-party installers:

“In order to receive pricing and product information, Tesla will share your contact information with a Tesla Certified Installer.”

We are hearing less about solar roof installations lately, as Tesla has gone virtually silent on the program; however, some ongoing installations are still being carried out by third-party installers.

Weddle and Sons Roofing just posted about a new 20 kW Tesla Solar Roof installation in Topeka, Kansas:

It’s challenging to determine the exact deployment rate of the solar roof, but based on our checks with a few installers, it doesn’t appear to have increased since 2022.

Tesla-certified installers are even convincing potential buyers to opt for a regular roof with solar panels instead of a solar roof. Potential buyer Jeff Betty shared this text from an unnamed installer:

This is not entirely surprising, as the primary issue with the Tesla Solar Roof tiles is their pricing. Tesla aimed for the solution to be competitive with higher-end roofing options, but it remains expensive and much less affordable than many durable roof options, plus solar panels.

Electrek’s Take

In short, the Tesla Solar Roof is still alive, but it’s nowhere near the revolutionary product Tesla claimed it would be.

Instead, it has become a very niche higher-end roofing product that Tesla deploys in very low volume through third-party installers.

It’s not in any way a significant part of Tesla’s energy business, which is now almost entirely Megapacks and Powerwalls.

While Tesla’s solar roof is not for everyone, now is a great time to go solar with rooftop solar panels.

If you want to make sure you’re finding a trusted, reliable solar installer near you that offers competitive pricing, check out EnergySage. EnergySage is a free service that makes it easy for you to go solar – whether you’re a homeowner or renter. They have hundreds of pre-vetted solar installers competing for your business, ensuring you get high-quality solutions and save 20 to 30% compared to going it alone. Plus, it’s free to use and you won’t get sales calls until you select an installer and you share your phone number with them.

Your personalized solar quotes are easy to compare online and you’ll get access to unbiased Energy Advisors to help you every step of the way. Get started here.

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Retrospec Valen Rev+: A fat tire e-bike with the spirit of an all-terrain scrambler [Video]

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Retrospec Valen Rev+: A fat tire e-bike with the spirit of an all-terrain scrambler [Video]

For the Valen Rev+, Retrospec managed to get the best out of that iconic moto-style scrambler spirit and put it into a comfortably handling fat tire e-bike while also keeping the performance bits that make it fun, and the best part is it comes at a reasonable price of just under $1,800

Aside from the looks and price this bike has a unique fun factor that comes from a combination of a few key components here.

One is the 20 by 4.0 inch Fat MTB tires with puncture protection and reflective sidewalls. Aside from these tires offering an extra layer of protection and suspension, Retrospec’s decision to offer wide tires also gives way more stability than a typical bike tire, which makes going through ruts, mud, or sand pretty effortless. 

The second key component is the front suspension, which is fully adjustable and has 100mm of travel. Combined with the extra suspension from the fat tires, as mentioned earlier, this makes otherwise challenging terrain turn into fun detours that you’ll likely go out of your way to use. 

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The third component is the 750w rear hub motor, which gives the bike a 28 mph assisted top speed. Combined with the secure handling and added front suspension, the Valen Rev+ is the kind of bike you want to plan an adventure with. Whether that’s a dirt road shortcut on your commute or a day to the beach, the comfortable long seat makes it hard to say no to a trip with the Valen Rev+

On the practical side, Retrospec put some significant thought into the design and build of this bike to ensure that riders are cared for with those often less thought of yet still essential features. Starting with the battery, the fully integrated 720Wh battery uses LG 21700 cells for a total of 68 miles of range when fully charged. In addition, the battery is lockable and easily removable for both on- and off-bike battery charging. It’s also seamlessly integrated into the bike’s frame, making for a clean look. 

For safety, Retrospec added Tektro hydraulic disc brakes with e-bike-specific rotors, which is an important upgrade, considering an improved rotor typically allows for better heat dissipation and better overall performance. There are also Integrated front and rear lights with 100 Lux illumination for the front. Safety aside, the design here for the front light looks amazing.

Retrospec bike

For the less thought-of yet essential features, Retrospec included an easy-change rear wheel removal system that uses braze-ons located at the lower part of the bike, so there’s no need to remove zip ties. Unlike other e-bikes, the Valen Rev+ kept it simple with the same axel nut for both the front and rear which means fewer tools, but what makes the process itself a lot easier is not having to wrestle the chain when re-installing the wheel thanks to the chain hanger.

Retrospec bike

One of the great feelings of the Retrospec Valen Rev+ e-bike is how simple yet stylish it is; the display is a center-mounted color display with controls on the left-hand side of the handlebars. The control panel has only three buttons, so it’s as simple as it gets. With the up or down control, you can change through 6 levels of pedal assist, but if you’re looking for more control, you can also use the controls on the right side of the handlebars to cycle through the eight speeds on the Shimano Altus derailleur.

For how comfortable the moto-inspired Valen Rev+ is, it also feels great to pedal on in case you’re looking for more exercise and want to opt for the pedal assist rather than the throttle only. Unlike other e-bikes on the market, Retrospec’s Rev+ makes riding very approachable. For those who are newer to riding, that long seat and wide tires add a level of stability, making the overall learning experience much more enjoyable. With how comfortable the bike rides, it might make you think more about leaving the car at home more often and opting for the bike paths. 

For those looking to get as much fun as possible out of an e-bike aside from the fat tires and front suspension, Retrospec’s BMX style handlebars offer excellent geometry and height that gives you much more control over the bike in case you wanna stand up and tackle some of the more challenging trails. In addition, if you’re looking to forget pedaling altogether, you could even choose to get the optional footpeg accessories, which, combined with the BMX-styled handlebars, will make the bike much more functional for off-road riding. 

Overall, Retrospec seems to have put a lot of effort into bringing that scrambler moto spirit into a comfortable bike with loads of features that other manufacturers haven’t quite nailed down. From the easy rear wheel removal to the BMX-styled handlebars and comfortable long seat, it’s a very approachable and easy-to-maintain e-bike that can still rip on trails for those who want to tackle more of that tough off-road terrain.

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This is it: Mazda EZ-60 crossover interior revealed ahead of global launch [video]

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This is it: Mazda EZ-60 crossover interior revealed ahead of global launch [video]

We got our first look at the new-for-2026 Mazda EZ-60 electric crossover just last week, but Mazda played coy with the interior, leading many in the media (including us) to believe that the interior would be pretty similar to the EZ-6 sedan‘s. We were wrong.

I’ll cut right to the chase. The new Model Y rival from Mazda is coming for the Y’s old sales crown with a starkly elegant 26.45-inch 5K ultra-wide display with dual screens and (get this) a massive 100″ (!) augmented reality heads-up display (AR-HUD) that projects key driving information onto the windshield, alerting the driver of pedestrians, speed limits, etc.

You can check it out for yourself, below.

Mazda EZ-60 interior revealed

Via Planet Car News.

As you can see, the interior largely eschews buttons, knobs, or physical interfaces of any kind in favor of touchscreens. Those screens enable EZ-60 drivers and passengers to control and adjust a 23-speaker, 7.1.4-channel Dolby Atmos audio system, while a separate touchscreen in the rear allows drivers passengers to adjust climate and entertainment settings for themselves.

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Other interior features include super-slick digital wing mirror displays (the exterior “side mirrors” are aerodynamic cameras), and fully twenty kid- and family-friendly storage compartments sprinkled liberally throughout the vehicle. A relatively small 350-liter (12.3 cu ft) rear trunk expands to 2,036 liters (71.9 cu ft) with the seats folded flat. A 126-liter frunk (4.4 cu ft, or about the size of the mini fridge in your college dorm) adds extra practicality.

The electric Mazda SUV itself is built on the Changan EPA1 platform, and is believed to be powered by an 80 kWh battery good for 295 miles of WLTP range, and a 93 kW charging speed that can take the EZ-60 from 30 to 80% charge in a little over 30 mins.

Following the crossover’s Chinese launch – officially slated for April 23rd. Changan Mazda plans to release the EZ-60 in overseas markets under the Mazda CX-6e nameplate.

Electrek’s Take

Mazda-EZ-60-electric-SUV
EZ-60 electric crossover SUV; via Changan Mazda.

Mazda is on a hot streak right now – and not just in China, but in the US as well. The brand’s near-premium positioning is perfect, targeting middle class buyers who are willing to pay a premium to drive a vehicle with better fit and finish than the Ford, Chevy, and Stellantis offerings – but not enough of a premium to justify a move into Acura/Volvo territory. And, frankly, no one in the industry is doing paint as well as Mazda right now. Not until you start doubling the Mazda’s MSRPs, anyway.

Here’s hoping this one comes to the US.

SOURCE | VIDEO: Changan Mazda, via China Auto Show, Planet Car News.

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