Rio takes step toward M&A redemption with $6.7bn lithium bet

A little over a decade ago, Rio Tinto Group was reeling from the impact of disastrous investments. First, the bruising top-of-the-market purchase of aluminum group Alcan, and then the ill-conceived swoop for Mozambique-focused coal outfit Riversdale Mining. The commodities boom cooled, top managers were pushed out and writedowns piled up.

Now — after billions in charges, cost cuts, plus several chief executives and multiple false starts — the miner has returned to the M&A fray, announcing the agreed $6.7-billion acquisition of Arcadium Lithium Ltd. this week.