Market Analysis

JPMorgan Holds 5% Stake in Rio Tinto, Strengthening Mining Investment Portfolio

Amos Simanungkalit · 13 Mar13.2K Views

JPMorgan Chase holds a 5.36% stake in Rio Tinto, Australia's mining giant, on behalf of its clients, according to an exchange filing on Thursday.

Last week, Rio Tinto finalized its $6.7 billion acquisition of U.S.-based Arcadium Lithium, as part of its strategy to shift focus from iron ore to critical minerals and battery metals, including lithium.

On Wednesday, Rio announced plans to raise $9 billion through U.S. investment-grade bonds to finance the Arcadium purchase.

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