Rio Tinto, has made an approach to buy lithium producer Arcadium Lithium, the two parties said in separate statements on Monday, without revealing any financial details. Rio's approach to Arcadium comes as miners are eager to secure supplies of critical minerals needed to power the global energy transition and comes after weeks of speculation over the deal.

Following media speculation, Rio Tinto has confirmed it is holding discussions to acquire Arcadium Lithium, a leading global lithium chemicals producer created via the merger of Allkem and Livent.

Iron ore giant Rio Tinto has confirmed it is in talks to buy US battery metal miner Arcadium Lithium. But as reported by The West Australian on Sunday, one influential shareholder of the US target is urging the board to not accept any low-ball offer.