From northern Quebec's tundra to Argentina's Andes Mountains and the plateaus of Western Australia, Arcadium's lithium portfolio, brought together over almost 40 years, has lured Rio Tinto as it bids to be a top producer of the EV battery metal at an advantageous point in the market cycle.

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.

Arcadium Lithium shares jumped in premarket trading Monday after it confirmed that it has been approached about a potential acquisition by mining giant Rio Tinto.