Rio Tinto Completes $6.7 Billion Acquisition of Arcadium Lithium
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Rio Tinto has completed its acquisition of Arcadium Lithium for $6.7 billion. Rio Tinto is now the ultimate parent company of Arcadium Lithium, which will become Rio Tinto Lithium, and will also include the Rincon lithium project.
The acquisition establishes Rio Tinto as a global leader in the supply of energy transition materials and as a major lithium producer, with one of the world’s largest lithium resource bases. Rio Tinto Lithium aims to grow the capacity of its tier 1 assets to over 200 thousand tonnes per year of lithium carbonate equivalent (LCE) by 2028.
“Today we are delighted to welcome the employees of Arcadium to Rio Tinto. Together, we are accelerating our efforts to source, mine and produce minerals needed for the energy transition. By combining Rio Tinto’s scale, financial strength, operational and project development experience with Arcadium’s tier 1 assets, technical and commercial capabilities, we are creating a world-class lithium business which sits alongside our leading iron ore, aluminium and copper operations,” said Rio Tinto Chief Executive Officer Jakob Stausholm.
“We believe we are well-positioned to deliver the materials needed for the energy transition while maintaining our focus on respecting local communities, minimizing environmental impacts and delivering value for shareholders and other stakeholders,” added Stausholm.
Rio Tinto produces aluminum, copper, diamonds, gold, industrial minerals, iron ore and uranium. They own and operate open pit and underground mines, mills, refineries, smelters, power stations, research and service facilities. They also use their own railways, ports & ships to deliver materials to the customer. They are headquartered in London, England.
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