Mining giant Rio Tinto to acquire Arcadium Lithium in $6.7 billion deal

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Mining giant Rio Tinto to acquire Arcadium Lithium in $6.7 billion deal

The Rio Tinto Ltd. booth on the opening day of the Investing in ******** Mining Indaba in Cape Town, South *******, on Monday, Feb. 6, 2023.

Dwayne Senior | Bloomberg | Getty Images

The world’s second-largest miner Rio Tinto said Wednesday it will acquire U.S. lithium producer Arcadium for $6.7 billion.

If the deal goes through, Rio Tinto will become one of the largest suppliers of lithium, trailing only after Albemarle and SQM. 

Rio Tinto said the deal would be an all-cash transaction for $5.85 per share, representing a premium of 90% to Arcadium’s Oct. 4 closing price of $3.08 per share. Arcadium Lithium’s market value currently stands at $3.31 billion, according to LSEG data.

News of the transaction confirms an announcement earlier this week that the two companies were in talks.

Rio Tinto CEO Jakob Stausholm said the purchase is a “significant step forward in Rio Tinto’s long-term strategy, creating a world-class lithium business alongside our leading aluminium and copper operations to supply materials needed for the energy transition.”

This breaking news story is being updated.

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