Lithium firms’ shares rise after Rio Tinto buyout rumour

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Shares in a handful of lithium players gained Friday after speculation in the daily publication The Australian that Rio Tinto might bid to buy Albemarle and/or Arcadium Lithium .

Shares in other lithium companies also gained. SQM went up 2.3% to $41.40 apiece, giving it an $11.3 billion market cap; Lithium Americas was up 6.7% to C$3.64, for a C$793.5 million market value; and Standard Lithium gained 5.6% to C$2.24 apiece, for a market capitalization of C$386.9 million. The acquisition talk comes as Rio faces challenges in developing its Jadar lithium project in Serbia that has been halted since 2022 out of concerns about environmental damage. But the project could become Europe’s biggest mine of the battery metal.

Arcadium, formed through the merger of Livent and Allkem last January, said in August it was pausing its Galaxy project in Quebec due to the current economics of building lithium projects. And last month, it announced plans to put its Mt. Cattlin spodumene mine in Western Australia into care and maintenance.

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