Rio Tinto Engages In Discussions To Buy Arcadium Lithium : Reuters

(RTTNews) - Mining company Rio Tinto plc (RTPPF.PK) has been holding talks to buy lithium miner Arcadium Lithium plc (ALTM), in a potential deal, valuing the latter in a range of $4 billion to $6 billion or higher, according to a report by Reuters.

The negotiations between the companies are ongoing and continued in London this week during a major industry gathering. However, the talks may not result in a deal, the report added.

If the deal goes through, Rio would become one of the world's top producers of the battery metal, which is a crucial component of the electric vehicles.

Following the report, shares of Arcadium climbed over 33 percent during after-market trading in the New York Stock Exchange.