The world’s second-largest mining company is actively looking to grow in lithium, a key ingredient to make batteries for electric vehicles, a strategy that sets it apart from rivals like BHP Group that have so far steered clear of the tiny but fast-growing market.
Rio has already bought a mine in Argentina for $825 million, while plans for a flagship lithium project in Serbia were dashed last year when the government blocked the development after thousands of protesters took to the streets to oppose it.
Stausholm also confirmed that the company has secured exploration land to look for lithium in Western Australia — where its giant iron ore mines that drive its profit are based. The region has been at the center of major dealmaking in the industry.
(By Thomas Biesheuvel and Katie Greifeld)
