Global mining giant Rio Tinto Group announced on the 9th that it would acquire Arcadiyum Lithium in an all-cash deal for $6.7 billion. The move is expected to make Rio Tinto Group the world's third largest lithium producer.

Rio Tinto Group said in a statement, according to the two companies reached a transaction agreement, Rio Tinto Group will be 5.85 U.S. dollars per share price to acquire Arcadiyum lithium. The transaction has been unanimously approved by the boards of directors of both companies and is expected to close in mid-2025.

Rio Tinto Group Chief Executive Officer Tao-Cheng Shi (English name: Jacob Staushelm) said the acquisition of Arcadiyum Lithium is an important step in the execution of Rio Tinto Group's long term strategy to create a world-class lithium business to build on its existing aluminum and copper businesses and to provide the materials needed for the energy transition.

According to local media reports, the deal will make Rio Tinto the world's third largest producer of lithium after Yabo in the US and Chemical Mining in Chile.

Arcadiyum Lithium is a cutting-edge global producer of lithium chemicals, formed by the merger of US-based Levant and Australian-based Arkem.

By chinamining.org.cn