- Write by:
-
Wednesday, August 2, 2023 - 00:40:38
-
180 Visit
-
Print
Mining News Pro - Rio Tinto Group, the world’s biggest iron ore miner, is looking at a number of possible lithium acquisitions and would like to buy an asset to produce the key battery material in Canada, according to chief executive officer Jakob Stausholm.
The London-based company was “looking at a number of opportunities” in lithium, Stausholm told media in Melbourne on Tuesday.
“I wouldn’t mind having lithium production in Canada,” he said, but added lithium was “a pretty hot market” and he was “reluctant to come out with too big of a check.” Rio already produces aluminum, iron ore and diamonds in the nation.
Demand for lithium, a core ingredient in electric vehicle batteries, is surging as carmakers around the world rush to build their EV manufacturing capacity. Production of the metal is dominated by smaller specialist producers, with most global diversified miners staying away.
Rio is the exception. The world’s second-biggest miner is developing the Rincon lithium project in Argentina, and was planning to mine the battery metal in Serbia before the government there blocked the development.
Stausholm’s comments came shortly before an announcement that Rio had signed a deal with UK-based exploration company Aterian Plc to explore for lithium in Rwanda. The agreement gives Rio the option to invest $7.5 million in the joint venture.
Rio still sees opportunities for small-scale deals in metals that could be similar to its purchase of a majority stake in a Chilean exploration project this week, Stausholm said. Still, he stressed the need for organic growth, saying the hype around lithium and copper — another key material in the clean energy transition — wouldn’t influence the company’s thinking on deals in those sectors.
The move into lithium is part of Rio’s strategy to expand beyond its Australian iron ore business, by far its biggest earner, Stausholm said.
While Rio sees steel production in China as falling slightly this decade, the market currently looked to be “fairly stable,” he said. Stausholm added there would be growth in steel production in other markets, particularly India.
Short Link:
https://www.miningnews.ir/En/News/626198
Canada’s mining industry is pushing for an carveout to the federal government’s proposed increase to capital gains ...
London-based Savannah Resources will if necessary ask Portugal’s government to authorize compulsory land acquisitions ...
India is considering offering incentives to encourage private companies to set up lithium processing facilities, as New ...
London-based Savannah Resources will if necessary ask Portugal’s government to authorize compulsory land acquisitions ...
Australia will spend A$566 million ($373 million) over the coming decade to map out resource deposits with a focus on ...
Equinor on Wednesday said it has entered an agreement with Standard Lithium to acquire a 45% stake in lithium projects ...
China issued draft rules on Wednesday to regulate its lithium battery market, after rapid expansion in the sector hit ...
China’s Ganfeng Lithium Group Co. plans to pay about $408 million to buy out its partner in a lithium mine being ...
The chairman of Chile’s state-run copper giant Codelco said on Monday that he expects to reach a lithium deal with ...
No comments have been posted yet ...