Rio Tinto looking at deals to produce lithium in Canada – by James Fernyhough (Financial Post/Bloomberg – August 1, 2023)

Looking at a number of possible acquisitions

Rio Tinto Group, the world’s biggest iron ore miner, is looking at a number of possible lithium acquisitions and would like to buy an asset to produce the key battery material in Canada, according to chief executive Jakob Stausholm. The London-based company was “looking at a number of opportunities” in lithium, Stausholm told media in Melbourne on Tuesday.

“I wouldn’t mind having lithium production in Canada,” he said, but added lithium was “a pretty hot market” and he was “reluctant to come out with too big of a check.” Rio already produces aluminum, iron ore and diamonds in the nation.

Demand for lithium, a core ingredient in electric vehicle batteries, is surging as carmakers around the world rush to build their EV manufacturing capacity. Production of the metal is dominated by smaller specialist producers, with most global diversified miners staying away.

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