Rio Tinto said on Wednesday it would acquire Arcadium Lithium for $6.7 billion in an all-cash deal that would make it one of the world's largest lithium producers. The global miner would gain access to Arcadium's wide range of mines,

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.

Arcadium Lithium shares jumped to their highest level in months Wednesday after Rio Tinto announced it would acquire the lithium miner for roughly $6.7 billion.