Rio Tinto in talks to buy lithium miner Arcadium 

Estimated read time 1 min read

Business & FinanceCommoditiesDeals

Reuters was first to report that mining giant Rio Tinto had been holding talks to buy Lithium miner Arcadium, which, if successful, would vault Rio to being the world’s third largest producer of the electric vehicle battery metal.  In buying Arcadium, Rio would gain access to lithium mines, processing facilities and deposits in Argentina, Australia, Canada and the United States, as well as a customer base that includes Tesla, BMW and General Motors. 

Market Impact

Arcadium shares jumped more than 35% in extended trading after the story broke. Rio and Arcadium later confirmed the talks, sending Arcadium’s shares up 29% in pre-market trading on Monday. The combined group could account for some 10% of global lithium chemicals supply by 2030.

Article Tags

Topics of Interest: Business & FinanceCommoditiesDeals

Type: Reuters Best

Sectors: Business & FinanceMergers & Acquisition

Regions: AmericasEurope / Middle East / Africa

Win Types: Speed

Story Types: Exclusive / Scoop

Media Types: Text

Customer Impact: Important Regional Story

Source link

You May Also Like

More From Author

+ There are no comments

Add yours