{"id":87166,"date":"2024-10-07T00:00:00","date_gmt":"2024-10-07T00:00:00","guid":{"rendered":"https:\/\/enterpriseam.com\/climate\/2024\/10\/07\/rio-tinto-is-reportedly-in-talks-to-acquire-us-lithium-miner-arcadium\/"},"modified":"2024-10-07T00:00:00","modified_gmt":"2024-10-07T00:00:00","slug":"rio-tinto-is-reportedly-in-talks-to-acquire-us-lithium-miner-arcadium","status":"publish","type":"post","link":"https:\/\/enterpriseam.com\/climate\/2024\/10\/07\/rio-tinto-is-reportedly-in-talks-to-acquire-us-lithium-miner-arcadium\/","title":{"rendered":"Rio Tinto is reportedly in talks to acquire US lithium miner Arcadium"},"content":{"rendered":"

Rio Tinto eyes acquisition of US lithium miner: <\/strong>UK mining giant Rio Tinto is reportedly in talks to acquire Philadelphia-based mega lithium miner Arcadium, Reuters<\/a> reported on Saturday, citing multiple sources with knowledge of the negotiations. The transaction is poised to turn Rio Tinto into the third-largest lithium producer in the world, providing the company with a customer base, lithium mines, and processing assets across four continents. Talks between the two sides are ongoing and may not come to fruition, the sources said. Arcadium shares surged 36% in extended trading on Friday in response to the news.<\/p>\n

The financials are TBD: <\/strong>Arcadium could be valued between USD 4 bn - USD 6 bn or even higher, a source shared. It is unknown whether the purchase agreement would include cash, stock, or both. Two investment banks have been handling negotiations for the lithium miner. The two companies declined to comment.<\/span><\/p>\n

IN OTHER CRITICAL MINERALS NEWS- India + US to cooperate on critical <\/strong>minerals supply chains: <\/strong>India and the US inked a MoU to collaborate on enhancing the resilience of critical minerals\u2019 supply chains essential for clean energy transition, Reuters<\/a> reported on Friday. Under the agreement, both sides will work on \u201cidentifying equipment, services, policies and best practices to facilitate the mutually beneficial commercial development of US and Indian critical minerals exploration, extraction, processing and refining, recycling and recovery,\u201d a US Commerce Department statement<\/a> read.<\/p>\n

The US is on a roll: <\/strong>The US finalized a critical minerals agreement<\/a> with Australia last month aimed at reducing reliance on China, which reportedly controls 70% of the global rare earth market.<\/p>\n

AND OVER IN BRAZIL-<\/strong> Vale invests in Brazil\u2019s first fund for critical minerals:<\/strong> Brazilian miner Vale, the world's second-largest iron ore supplier, will commit up to BRL 250 mn (c. USD 46 mn) to Brazil's first fund dedicated to supporting critical minerals as part of its diversification strategy, Bloomberg<\/a> reported Thursday. Vale plans to enhance copper production and address the industry's challenge of operationalizing critical minerals, CEO Gustavo Pimenta said. <\/p>\n

About the fund: <\/strong>The fund, valued at BRL 1 bn (c. USD 184 mn) and backed by Vale and Brazil's development bank BNDES, will be managed by a consortium including JGP Asset Management, BB Asset, and Ore Investments. It aims to fund 20 \u201cjunior and mid-sized companies\u201d research and exploration efforts of strategic minerals in Brazil. <\/p>\n

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UK commits GBP 22 bn to carbon capture projects: <\/strong>The UK government will channel nearly GBP 22 bn (USD 28.5 bn) in investments over 25 years to capture and store CO2 emissions from two industrial areas in the country, Bloomberg<\/a> reported Friday. <\/p>\n

The announcement pushes against the tide, <\/strong>recommitting the country to the relatively under-tested technology despite its escalating costs, which British regulators believe would make previous capture targets no longer viable. Initial plans included funding eight projects with a USD 24 bn sum.<\/p>\n

Where is the newly adjusted funding plan going? <\/strong>Only three projects out of eight initially planned are to be financed in two areas. The first includes projects from BP and Equinor on the east coast, whereas the third project is HyNet\u2019s in the west of England and Wales. These projects are expected to capture 3 mn tons of CO2 annually, a fraction of the government's original target of up to 30 mn tons by 2030.<\/p>\n

OTHER STORIES WORTH KNOWING ABOUT THIS MORNING-<\/strong><\/p>\n