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

Rio Tinto is in talks to buy lithium producer Arcadium Lithium, both companies confirmed on Monday, with the global miner pouncing following a slump in prices for the ultralight metal essential to the world's shift to clean energy.

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

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.

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 Plc, the world’s second largest miner, confirmed it has made a non-binding takeover approach for Arcadium Lithium Plc. Most Read from BloombergSingapore Ends 181 Years of Horse Racing to Make Way for HomesFrom Cleveland to Chicago,

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.

Rio Tinto has been holding talks to buy lithium miner Arcadium, three sources with direct knowledge of the negotiations said, a deal that would make Rio the third-largest producer of the electric vehicle battery metal.