Rio Tinto Group (ASX:RIO) intends to form a lithium unit once its acquisition of Arcadium Lithium (ASX:LTM) is completed, Reuters reported on Jan. 17, citing an internal memo.
The global mining giant is buying Arcadium Lithium for $6.7 billion in a deal expected to close in July. Rio Tinto wants to gradually integrate Arcadium Lithium into its business to mitigate the risk of losing talent, the report said, citing two sources familiar with the matter. Arcadium Chief Executive Paul Graves is expected to head the New York-based lithium unit.
Rio Tinto did not immediately respond to a request for comment by MT Newswires.
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