Rio Tinto is buying Arcadium Lithium for $6.7 billion as the Anglo-Australian miner seeks to diversify beyond its primary products of iron ore, copper, and aluminum.Rio Tinto confirmed the deal in a press release early Wednesday.

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.

Rio Tinto will be acquiring Arcadium in an all-cash $6.7 billion deal that would cement it as one of the world's top lithium producers.