Potential major lithium acquisition by Rio Tinto Group has boosted industry stocks despite recent market decline. Explore more details here.

Arcadium Lithium (ALTM), and Sociedad Quimica y Minera, or SQM (SQM), jumped Friday following a report that mining giant Rio Tinto (RIO) could be looking to buy a company in the lithium sector.The Australian wrote,

The Australian reported that Rio Tinto might be looking at M&A in the lithium space. That sent shares of Albemarle, Arcadium, and SQM higher.

The companies intend to build an end-to-end value chain to enhance security of supply for critical industries in the UK and Europe.

Australia's Rio Tinto has signed an agreement with UK refinery developer Green Lithium to develop a lithium supply chain securing critical battery metal supplies for the UK and EU's automotive and manufacturing sectors,