Arcadium Lithium
| Company type | Public |
|---|---|
| Industry | Chemical industry |
| Founded | 2024 |
Key people | Peter Coleman (Chairman) Paul Graves(CEO) Gilberto Antoniazzi (CFO) |
| Products | Lithium, lithium products |
| Website | www |
Arcadium Lithium plc is a specialty chemicals manufacturing company focused on lithium production. It was formed in January 2024 from the merger of Livent, an American special chemicals company, and Allkem, an Australian lithium mining company. The new company, Arcadium Lithium, became the world's third-largest lithium producer.[1]
History
[edit]Arcadium Lithium plc was created in January 2024 with the merger of Livent and Allkem. Livent's origins traced back to 1944, when the Lithium Corporation of America was created. In May 1985, it was acquired by the FMC Corporation. Livent was created in 2018, when FMC spun off its lithium division. Allkem was originally known as Orocobre Limited, and was listed on the Australian Securities Exchange on December 2007. After merging with Galaxy Resources in 2021, Orocobre was rebranded as Allkem.[2]
In September 2024, Arcadium announced it would place its Mt Cattlin mine into care and maintenance by mid-2025 due to low spodumene prices.[3] In August, Arcadium acquired Li-Metal Corp's lithium metal production business for US$11 million, gaining its intellectual property on refining lithium carbonate and a pilot lithium refinery.[4]
On October 9, 2024, Rio Tinto agreed to buy Arcadium for US$6.7 billion, in a all-cash deal for US$5.85 per each Arcadium Lithium share.[5] The deal was unanimously approved by the boards of both companies and is expected to close in mid-2025.[6]
References
[edit]- ^ Murdoch, Scott; Burton, Melanie. "Allkem shareholders approve $10.6 billion Livent lithium merger". Reuters. Retrieved 21 November 2024.
- ^ "Timeline: Owners of Arcadium's lithium assets through the years". MINING.COM. Retrieved 21 November 2024.
- ^ Fowler, Elouise (5 September 2024). "Arcadium to mothball Mt Cattlin amid low lithium prices". Australian Financial Review. Retrieved 21 November 2024.
- ^ "Arcadium acquires Li-Metal's technology, pilot plant in $11 million deal". MINING.COM. 4 August 2024. Retrieved 21 November 2024.
- ^ Clinch, Lee Ying Shan,Matt (9 October 2024). "Mining giant Rio Tinto to acquire Arcadium Lithium in $6.7 billion deal". CNBC. Retrieved 21 November 2024.
{{cite web}}: CS1 maint: multiple names: authors list (link) - ^ "Rio Tinto to acquire Arcadium Lithium". www.riotintoandarcadium.com. Retrieved 21 November 2024.
External links
[edit]- Official website
- Business data for Arcadium Lithium plc: