This is simply a photograph of a Rio Tinto mining helmet taken connected 2 Jun. 2020.
Aaron Bunch | Getty Images
The world's second-largest miner Rio Tinto expressed involvement successful acquiring U.S. lithium shaper Arcadium, the 2 companies confirmed successful abstracted statements connected Monday.
No fiscal specifics were disclosed. Rio Tinto said that determination is nary certainty that immoderate transaction volition beryllium agreed to.
Arcadium Lithium's marketplace worth presently stands astatine $3.31 billion, according to information from LSEG. The company's Australian-listed shares jumped implicit 42% successful aboriginal Monday trade.
If the woody goes through, Rio Tinto would go 1 of the largest suppliers of lithium, trailing lone Albemarle and SQM. This determination comes arsenic mining companies question to unafraid indispensable minerals for the planetary vigor transition.
Saul Kavonic, caput of vigor probe astatine MST Marquee, told CNBC that Rio Tinto had been waiting for a lithium downturn successful bid to prosecute M&A that tin present it a satellite standard lithium division.
"Ultimately, Rio Tinto lone wanted to play successful the lithium abstraction if they were going to beryllium a apical 3 producer," helium told CNBC via email.
This is simply a breaking quality story, delight cheque backmost aboriginal for more.
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