Rio Tinto has been holding talks to buy lithium miner Arcadium, three sources with direct knowledge of the negotiations said, a deal that would make Rio the third-largest producer of the electric vehicle battery metal.

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.

Rio Tinto in talks to acquire Arcadium Lithium, potentially becoming the third-largest producer of EV battery metal.