According to Xinhua News Agency, global mining giant Rio Tinto announced on the 9th that it will acquire Arkadium Lithium for $6.7 billion in an all cash transaction. This move is expected to make Rio Tinto the world's third-largest lithium mining producer.
Rio Tinto Group stated in a statement that, according to the transaction agreement reached between the two companies, Rio Tinto Group will acquire Arkadium Lithium at a price of $5.85 per share. The transaction has been unanimously approved by the boards of directors of both companies and is expected to be completed by mid-2025.
Rio Tinto CEO Shi Daocheng said that the acquisition of Arkadium Lithium is an important step in Rio Tinto's long-term strategy to create a world-class lithium business on the basis of its existing aluminum and copper businesses, providing the necessary materials for energy transformation.
According to local media reports, this transaction will make Rio Tinto the world's third-largest lithium mining producer, second only to American company Yabao and Chilean chemical mining company.