Rio tinto signed an option agreement with Quebec\u0027s Azimut Exploration Inc. to own most of two lithium properties in Quebec
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The deal allows the mining giant, which earned US$16.1 billion from its operations last year, to spend a few million dollars to dip its toes into lithium projects owned by Azimut and assess the financial viability of building mines at the locations in the future.Article content Both deals come after Rio inked a memorandum of understanding with the federal government last month to look for ways in which the miner can contribute to Canada’s low-carbon battery industry in the next decade. Lithium is a key component in electric vehicle batteries., who has been wooing auto and battery makers to Canada over the last two years, told the Financial Post in June he wants Rio to invest more in the country’s battery supply chain.
Aside from the projects in Canada, Rio has three other lithium projects in Argentina, Serbia and the United States it is actively trying to develop.
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