ASX Market Close: Rio Tinto agrees to buy Arcadium Lithium for $9.9 billion | October 9, 2024

The ASX200 closed up 0.13% at 8,187 points in a flat days trade.

In breaking news, Rio Tinto (ASX:RIO) says its has agreed to buy Arcadium Lithium (ASX:LTM) for around $9.9 billion. Rio chief executive Jakob Stausholm says the deal moves the company closer to creating a world class lithium business.

To the sectors – IT and Telecommunication were the strongest performers today, both up 1.4%, followed by Discretionary and Health Care, both up 1%.

Energy was sold down heavily, down 2.45%, followed by Materials, down 1.4%.

In the Green

APA Group (ASX:APA) closed up 2.5% on news of the Australian Energy regulator’s draft decision to maintain the existing light regulation regime on South West Queensland pipeline.

APA finished the day at $7.59.

Lithium Universe Ltd (ASX:LU7) closed up 16.67% on last week’s release of a prefeasibility study for its lithium refinery in Quebec, Canada. The report indicates strong project financials including a payback of just 3.5 years.

Lithium Universe closed at 1.4 cents.

Titomic Limited (ASX:TTT) closed up 8.33% as it integrates Microsoft Hololens into its industrial services technology.

Titomic wrapped up at 13 cents.

In the Red

Riversgold (ASX:RGL) closed down 20% on news its Canadian Saint John project boasts rockchips containing gold, copper, and antimony. Located 50km from the US border, quarry assay results include one sample at 17% copper; 11% antimony and 0.8g/t gold.

Riversgold at $0.004.

Mineral Resources (ASX:MIN) closed down 6.42% on news broker JP Morgan has reduced its lithium price forecast. The stock has also been affected by the tumbling iron ore price.

Mineral Resources closed at $47.94.

IRIS Metals (ASX:IR1) finished down 7.7% on completion of metallurgical test work at its Beecher project in South Dakota. Results show high-purity spodumene concentrate grading more than 6.0% in lithium oxide (Li2O) can be produced.

Iris Metals closed at 18 cents.

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