Rio Tinto said on Wednesday it would buy U.S. based Arcadium Lithium for $6.7 billion in deal that would catapult it to become one of the world's largest miners of the metal used in electric vehicles and mobile devices.

Rio Tinto has announced a $6.7 billion acquisition of Arcadium Lithium, propelling the company to become a leading global lithium producer. The acquisition includes mines and facilities in multiple countries,

Rio Tinto is set to acquire the chemical producer Arcadium Lithium in a $6.7bn all-cash deal, in what it called "a significant step forward".