Rio Tinto, a global mining giant, fell short of analysts’ expectations for third-quarter production across its key commodities. However, the company’s $6.7 billion acquisition of Arcadium Lithium, a move that will position Rio Tinto as a leading global lithium producer, is expected to be a positive long-term play, despite the recent dip in lithium prices.
Shares of Arcadium Lithium surged in pre-market trading after Rio Tinto expressed interest in acquiring the company. Other notable pre-market movers include LogicMark, TDH Holdings, and Top Wealth Group, all experiencing significant gains. Conversely, Trevena, Beneficient, and Mynaric faced declines due to various factors.
Rio Tinto is exploring the use of Pongamia seed oil as a feedstock for renewable diesel, a move to reduce its reliance on fossil fuels and achieve its decarbonization goals. This initiative involves a partnership with Midway Limited to establish Pongamia seed farms in Australia and complements Rio Tinto’s wider efforts to electrify its fleet and adopt other sustainable solutions.
Tens of thousands of Serbs protested in Belgrade against a proposed lithium mining project, leading President Aleksandar Vučić to convene a government crisis meeting. The project, backed by Rio Tinto, aims to secure lithium for electric car batteries, but protesters fear environmental damage. The protests, deemed illegal by authorities, have been described as politically motivated, raising concerns about a potential coup.
