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Rio Tinto Drops out of Bidding for Chilean Lithium Producer -Bloomberg

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01/11/2018 | 08:19am CEST

--Rio Tinto has dropped out of the bidding for a stake in Sociedad Quimica y Minera de Chile, one of the world's top lithium producers, as it pursues other ways to capitalize on the electric-car boom, Bloomberg reports, citing unnamed sources.

--Rio decided not to proceed with an offer for Nutrien Ltd.'s 32% stake in Santiago-based SQM--worth about $5 billion at current market prices--after conducting research, according to Bloomberg.

--Rio is studying the development of a Serbian lithium project that could meet 10% of global demand and begin production as soon as 2023, Bloomberg reports.

Full story: https://bloom.bg/2DiZFli

Write to Barcelona editors at barcelonaeditors@dowjones.com

Stocks mentioned in the article
ChangeLast1st jan.
LME COPPER CASH 0.00% 6057 End-of-day quote.-15.65%
LME ZINC CASH 1.54% 2436 End-of-day quote.-27.86%
RIO TINTO 2.72% 3921 Delayed Quote.-3.17%
RIO TINTO LIMITED 1.78% 79.49 End-of-day quote.3.02%
SILVER 0.16% 14.317 Delayed Quote.-15.81%
SOCIEDAD QUIMICA Y MINERA DE CHILE S.A. --End-of-day quote.
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