Rio Tinto Looking for Lithium Deals as Demand and Prices Soar

Rio Tinto Group is actively looking for lithium acquisitions, predicting prices for the key raw material in electric-vehicle batteries will stay high for a “long period of time.”

The world’s second-biggest mining company is pursuing “organic and M&A growth opportunities” in the sector, it said in a document published Tuesday.

Lithium has been on a tear, surging more than 1,100% to a record in the past two years, as supply struggled to keep up with rampant demand. Rio predicts half of all car sales could be EVs by 2030, up from 9% last year, and miners have been scouring ...