Mining giant Rio Tinto is in talks to buy New York-listed lithium producer Arcadium Lithium, its latest attempt to establish a foothold in the fast-growing market for a critical mineral used to power electric cars.

Global mining giant Rio Tinto PLC has expressed interest in buying Arcadium Lithium PLC, both companies confirmed Sunday.

Rio Tinto has made an approach to buy Arcadium Lithium, the two companies confirmed in separate statements on Monday morning.

Rio Tinto Group has made an approach for Arcadium Lithium Plc, the two sides said on Monday, confirming the latest takeover proposal in a sector turning its attention back to growth, as major miners scramble to increase their exposure to energy-transition metals.

Rio Tinto Considers Buying Arcadium Lithium Amid Price Drop Global mining giant Rio Tinto has confirmed discussions to acquire lithium producer Arcadium Lithium, aiming to enhance its presence in the lithium

The world’s second largest miner Rio Tinto Plc confirmed it has made a non-binding takeover approach for $3.3 billion lithium miner Arcadium Lithium Plc.

Rio Tinto can sniff a bargain in beaten-down lithium miner Arcadium. But the sector remains divisive, and investors won’t want him to overpay.

Rio Tinto has made a takeover approach to Arcadium Lithium which, if successful, would deliver it immediate production and a company which is looking to double sales over the next four years.

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.

Rio Tinto Plc is said to be in talks to buy Arcadium Lithium Plc, in a deal that would value the smaller miner between $4 billion to $6 billion, Reuters reported, citing unnamed sources.