Rio Tinto on Wednesday struck a deal to acquire Arcadium Lithium for $6.7 billion, as the global miner extends its operations in another commodity needed for the energy transaction.

In a counter-cyclical move, Rio Tinto on Wednesday announced a $6.7-billion acquisition of Arcadium Lithium, propelling the world’s second-biggest miner into the ranks of major lithium producers. Bringing Arcadium’s lithium business into its portfolio strengthens Rio Tinto’s presence in energy transition commodities,

Rio Tinto said it has agreed to a $6.7 billion takeover of Arcadium Lithium, propelling it into the ranks of the top producers of a key commodity used in batteries for electric vehicles.