The Rio Tinto Ltd. sales space on the opening day of the Investing in African Mining Indaba in Cape City, South Africa, on Monday, Feb. 6, 2023.
Dwayne Senior | Bloomberg | Getty Photographs
The world’s second-largest miner Rio Tinto stated Wednesday it would purchase U.S. lithium producer Arcadium for $6.7 billion.
Rio Tinto stated the deal can be an all-cash transaction for $5.85 per share, representing a premium of 90% to Arcadium’s Oct. 4 closing value of $3.08 per share. Arcadium Lithium’s market worth at the moment stands at $3.31 billion, in accordance with LSEG knowledge.
Information of the transaction confirms an announcement earlier this week that the 2 corporations had been in talks. If the deal goes by way of, Rio Tinto will turn into one of many largest suppliers of lithium, trailing solely after Albemarle and SQM.
Rio Tinto CEO Jakob Stausholm stated the acquisition is a “vital step ahead in Rio Tinto’s long-term technique, making a world-class lithium enterprise alongside our main aluminium and copper operations to provide supplies wanted for the vitality transition.”
This breaking information story is being up to date.
