The mine produced 43,788 ounces and sold 38,265 ounces of gold during the third quarter of 2024.

The funds will be used for exploration activities at its Antino gold project in Suriname.

The company is planning to invest heavily in further expansion ahead of an anticipated 2030s demand boom.

Acquiring Arcadium makes Rio Tinto one of the world's largest lithium producers.

“We feel quite comfortable that we have not bought a lithium company at the top of the cycle right now. We had to pay a fair price, and that’s what we’re paying.”

The Pampa Medina project consists of 4 mining concessions near the planned processing site of the Marimaca oxide deposit.

Rogerio Nogueira, Vale's current director of product and business development, was appointed to fill the role on an interim basis.

So far the market is working in Rio's favor, as plunging lithium prices since January have stymied Arcadium's growth plans.