Mining giant Rio Tinto in talks to buy US lithium producer Arcadium

This is a photograph of a Rio Tinto mining helmet taken on June 2, 2020.

Aaron Group | Getty Images

The world's second-largest miner Rio Tinto has expressed interest in acquiring US lithium producer Arcadium, the two companies confirmed in separate statements on Monday.

No financial details were disclosed. Rio Tinto said there was no certainty a deal would be completed.

The market value of Arcadium Lithium currently stands at $3.31 billion, according to LSEG data. The company's Australian-listed shares jumped more than 42% in early trading on Monday.

If the deal goes through, Rio Tinto would become one of the largest lithium suppliers, behind Albemarle and SQM. The move comes as mining companies seek to obtain minerals critical to the global energy transition.

Saul Kavonic, head of energy research at MST Marquee, told CNBC that Rio Tinto was waiting for a slowdown in the lithium sector in order to pursue mergers and acquisitions that could give it a global lithium division.

“Ultimately, Rio Tinto only wanted to play in the lithium business if it wanted to be a top three producer,” he told CNBC via email.

This is breaking news, please check back later for more.

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