Rio Tinto (RIO) is planning to form a standalone unit for its lithium operations once it completes the $6.7 billion acquisition of Arcadium Lithium (ALTM), Reuters reported Friday, citing an internal memo from CEO Jakob Stausholm it obtained.
The new subsidiary, Rio Tinto Lithium, will assume control of its $2.5 billion Rincon project in Argentina but not its Jadar lithium project in Serbia, which is facing local opposition, according to the report.
Rio Tinto did not immediately return a message from MT Newswires seeking comment.
Rio Tinto shares were 2.3% higher in recent trading.
(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)
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