Rio Tinto gains as Citi suggests Arcadium Lithium buyout; latter's shares surge

Arcadium Lithium

12/07/2024 03:14

** Shares of Rio Tinto  RIO.AX  rise as much as 1% to
A$120.83
    ** Analysts at Citi say the world's largest iron ore miner
should be looking at buying lithium companies than developing
its own lithium assets
    ** Brokerage says Rio should be looking at acquiring
ASX-listed Arcadium Lithium  LTM.AX   ALTM.N  
    ** Rio has been investing in its own lithium prospect, the
Jadar lithium project, but Citi says buying out Arcadium would
be a "superior" investment option
    ** LTM shares rise as much as 5.5% to A$5.34 to hit their
highest since June 14
    ** RIO has fallen 11.8% this year, as of last close 
    ** LTM down 55% YTD, as of last close

 (Reporting by Rishav Chatterjee in Bengaluru)
 ((Rishav.Chatterjee@thomsonreuters.com;))