Rio Tinto has officially completed its $6.7 billion acquisition of Arcadium Lithium, which will become Rio Tinto Lithium. The newly formed unit will take control of Rio’s $2.5 billion Rincon project in Argentina but will not include the mining giant’s Jadar lithium project in Serbia.
The acquisition of Arcadium, announced in October, marks Rio’s largest deal in more than a decade. It positions it among the world’s largest lithium miners, trailing only US-based Albemarle (NYSE: ALB) and Chile’s SQM.
“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,” chief executive officer Jakob Stausholm said in a statement.
For the rest of this article: https://www.mining.com/rio-tinto-creates-lithium-unit-after-completing-6-7b-arcadium-deal/