Rio Tinto is in talks to buy lithium producer Arcadium, with the global miner looking to pounce following a slump in prices for the ultralight metal used to make electric-vehicle batteries. A deal would turbo charge Rio's rise to become one of the largest producers of lithium behind Albemarle and SQM.

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.

Global mining giant Rio Tinto PLC has expressed interest in buying Arcadium Lithium PLC, both companies confirmed Sunday.