Like much of the mining and resources world, all the buzz is about battery minerals and lithium.

One of the world’s biggest mining companies, Rio Tino, is on the lithium warpath.

Rio is signing deals with Canadian lithium companies, drilling for the metal in Western Australia and considering investing in a lithium refinery capacity in France.

Rio is not traditionally seen as a player interested in lithium, however, moves in recent weeks suggest that may be changing fast.

Canadian Lithium Hunt

This week, Rio signed a significant deal with Azimut Exploration Inc., a C$116 million earn-in deal for the rights to 75% of its James Bay region Corvet and Kaanaaya lithium projects.

Shares in Azimut had surged 10% on the Toronto Stock Exchange on news of the deal, finishing the day up only 2% to $1.27 on profit taking.

A similar deal was signed with Midland Exploration Inc. with exploration underway in the same region of James Bay from June.

Western Australian Lithium Dreams

Rio is also spinning the drill bit in Australia, at the Everest Metals’ Rover project in the Western Australian gold fields.

Shares in Everest (ASX: EMC) have surged from AU.15c in June to .25c on July 11th 2023.

Europe Ambitions

Rio also recently finalised the $US825 million acquisition of the Rincon project in Argentina last year.

Rio is also ambitious for a $US2.4 Billion project in Serbia, which could become Europe’s largest-ever lithium mine if authorities approve the project.

Lithium Booming

Lithium minos on stock markets from Australia to Canada have exploded in recent years, as battery metals demand booms and car makers like Tesla and Ford scramble to find supply.

A recent report from McKinsey suggested the world was falling short of lithium and other battery metals supply, in order to meet ambitious climate goals.