Mining giant Rio Tinto is in talks to buy New York-listed Arcadium Lithium, its latest attempt to establish a foothold in the fast-growing market for a critical mineral used to power electric cars.

Rio Tinto, has made an approach to buy lithium producer Arcadium Lithium, the two parties said in separate statements on Monday, without revealing any financial details. Rio's approach to Arcadium comes as miners are eager to secure supplies of critical minerals needed to power the global energy transition and comes after weeks of speculation over the deal.

The world's second-largest miner Rio Tinto expressed interest in acquiring U.S. lithium producer Arcadium, the two companies confirmed in separate statements on Monday.