Arcadium Lithium (ALTM) shares surged 30% in premarket trading Monday after it confirmed that it has been approached by mining giant Rio Tinto (RIO) about an acquisition.
TORONTO, ON / ACCESSWIRE / October 7, 2024 / Fury Gold Mines Limited (TSX:FURY)(NYSE American:FURY) ("Fury" or the "Company") is pleased to announce results from multiple lepidolite and spodumene-bearing pegmatite outcrops within the western claim block at its 100% owned Éléonore South gold project located in the Eeyou Istchee Territory in the James Bay region of Quebec. The outcrop sampling program targeted the historical Fliszar showing lepidolite bearing pegmatite as well as new rock exposures over an area of approximately 1000 x 500 metres (m) resulting in the collection of 34 samples (Figure 1).
Metals and mining company Rio Tinto is looking to move into lithium as it gears up for the green energy transition.
Global mining giant Rio Tinto PLC has expressed interest in buying Arcadium Lithium PLC, both companies confirmed Sunday.
Mining giant Rio Tinto is negotiating the acquisition of Arcadium, a lithium producer listed on the New York Stock Exchange. This move represents Rio Tinto's latest effort to strengthen its position in the rapidly growing lithium market.
Lithium miner Arcadium on Sunday confirmed that global mining giant Rio Tinto, has approached it regarding a potential acquisition.
Reports indicate that Rio Tinto is engaged in negotiations to acquire lithium mining company Arcadium. Sources familiar with the matter suggest that discussions are ongoing and continued during the recent LME week meetings.
Rio Tinto "may" be in initial negotiations for a major lithium acquisition, potentially involving Albemarle or Arcadium Lithium. Despite the speculative nature, the potential acquisition has positively impacted some lithium producers' stock prices. Lithium's extensive applications in many industries make it a valuable investment, though the market has seen a decline over the past two years.
Shares of Albemarle (ALB), Arcadium Lithium (ALTM), and Sociedad Quimica y Minera, or SQM (SQM), jumped Friday following a report that mining giant Rio Tinto (RIO) could be looking to buy a company in the lithium sector.
Did Rio Tinto just call the bottom on lithium prices?
On Friday, The Australian reported that Rio Tinto might be looking at M&A in the lithium space. That sent shares of Albemarle, Arcadium, and SQM higher.
For Schaeffer's Cheap Seats: Stocks Under $20 segment, we're taking a look at Joby Aviation Inc (NYSE: JOBY) and Piedmont Lithium Inc (NASDAQ:PLL), both of which are making sizeable intraday moves.