Media reports, citing three individuals familiar with the negotiations, stated that Rio Tinto has been in talks to acquire the lithium mining company Arcadium.

One of the sources stated that the negotiations have been ongoing, even during the 'London Metal Exchange (LME) Week' conference this week.

One of the sources mentioned that a quote is expected to be made soon.

Informed sources stated that the negotiations are in progress and an agreement may not necessarily be reached.

Reports suggest that the valuation of Arcadium could be between 4 billion to 6 billion US dollars, or even higher.

Reports indicate that Arcadium has selected two investment banks to handle negotiations with Rio Tinto.

Both Arcadium and Rio Tinto declined to comment to Reuters.

Arcadium's stock price surged over 40% in after-hours trading.