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Rio Tinto , opens new tab has been holding talks to buy lithium miner Arcadium , three sources with direct knowledge of the negotiations said, a deal that would make Rio the third-largest producer of the electric vehicle battery metal.Talks have been ongoing and continued in London this week during the LME Week conference, one of the sources said. An offer is expected to come in the near future, according to the second source.
The recent slump in lithium prices, which is due in part to Chinese oversupply, has pushed Arcadium’s shares down more than 50% since January, making it an attractive takeover target. Arcadium has around 2,400 employees across nine countries. Roughly 84% of its revenue comes from Asia – the existing global center for lithium demand – giving it growth potential as EV projects ramp up across the Western Hemisphere, especially those supported by the U.S. Inflation Reduction Act.Local community members have repeatedly pressured Belgrade to block the project, which has the potential to supply much of Europe’s needs of the battery metal.
No company has commercially launched a DLE process without evaporation ponds, but Arcadium has successfully been using DLE since the 1990s with ponds in Argentina and its engineers are widely seen as global experts.Speculation of a potential tie-up between Arcadium and Rio has floated for weeks.
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