By buying Arcadium, Rio would gain access to lithium mines, processing facilities and deposits in Argentina, Australia, Canada and the United States to fuel decades of growth, as well as a customer base that includes Tesla, Ford, BMW, and General Motors.

Key Takeaways Rio Tinto announced Wednesday that it has agreed to acquire Arcadium Lithium in an all-cash deal at $5.85 per share, expanding its access to a key ingredient of electric vehicle (EV) batteries.

Rio Tinto has agreed to buy U.S. based Arcadium Lithium for $6.7 billion, it said on Wednesday, a deal that will catapult it to become the world's third largest miner of the metal used in electric vehicle batteries.