SYDNEY, Oct. 7 (Xinhua) -- British-Australian mining giant Rio Tinto on Monday confirmed that it has made an approach to buy U.S.-based global lithium miner Arcadium Lithium.

"The approach is non-binding and there is no certainty that any transaction will be agreed to or will proceed. Rio Tinto will not make further comment until or unless an update is appropriate," Rio Tinto said in a statement.

If successful, the acquisition would position Rio as the world's third largest lithium supplier, only behind U.S.-based Albemarle and Chilean chemical company Sociedad Quimica y Minera de Chile S.A. (SQM), according to the Australian Mining magazine.

Arcadium Lithium has mining operations around the world including in Australia, China, the Unitde States and Britain.

News Corp Australia newspapers reported on Saturday that a potential deal would be worth at least 5.9 billion Australian dollars (4.0 billion U.S. dollars).

Rio Tinto is one of the world's largest producers of copper and iron ore and is moving into lithium with projects in Argentina and Serbia, the latter of which is facing local opposition. Enditem

Related

Go to Forum >>0 Comment(s)