Rio Tinto to buy Arcadium Lithium

The mining giant Rio Tinto has agreed to buy Arcadium Lithium for $6.7 billion. The deal should give Arcadium , one of the world’s largest lithium miners, the capital needed to fuel its expansion plans. Rio Tinto has spent more than $1 billion on lithium projects in Serbia and Argentina without much to show for it. The acquisition, contingent on 75% shareholder approval, will take Rio Tinto from the edges of the market to the center, says Chris Berry, president of the battery mineral research firm House Mountain Partners. Arcadium, formed earlier this year through the merger of Livent and Allkem , already produces 75,000 metric tons of lithium chemicals per year and hopes to more than double output by 2028. Arcadium estimates it will need more than $1.5 billion to achieve its production goals. Andy Leyland, co-founder of the battery supply chain consultancy SC Insights , says it would