Rio Tinto Group is open to retaining Glencore Plc’s massive coal business if merger talks between the two companies are successful, according to people familiar with the matter.

The move would represent a significant shift for Rio, which agreed to sell its last coal mines in 2018. Glencore is one of the world’s biggest producers of coal after doubling down on the dirtiest fuel even as rivals including Rio retreated under pressure from investors.

Rio Tinto and Glencore said late Thursday they are in discussions about a potential combination of some or all of their businesses. The talks are the latest in a wave of dealmaking sweeping the mining industry, driven in large part as the world’s biggest producers seek to expand in copper. Glencore has large and attractive copper assets, but its coal business has long been seen as a likely hurdle for potential buyers.

The structure and scope of any deal is still being discussed, but one of the key scenarios being considered is a takeover of the whole of Glencore including the coal business, said the people, who asked not to be identified discussing private information.

No final decisions have been made, and Rio could also choose to offload the coal at a later date if a deal is successful.

Representatives for Rio Tinto and Glencore both declined to comment.

Rio’s willingness to return to coal echoes a wider reversal in the business and political climate, as US President Donald Trump champions a backlash against green policies.

Rio and Glencore previously held discussions about a combination in 2024, but the talks fell apart after they failed to agree on issues, including valuation. Since then then copper has rallied to a record high and Glencore has sought to position itself as a company with huge copper growth potential. Rio gets most of its earnings from iron ore.

Glencore’s coal business is regularly its biggest profit driver, although the unit has underperformed over the past year as coal prices tumbled.

In 2023, Glencore announced plans to spin out the coal operations into a separate company after acquiring a suite of steelmaking coal mines from Canada’s Teck Resources. However, it abandoned the proposal a year later after receiving pushback from its major shareholders.