off-the-wire

JPMorgan holds 5% stake in Rio Tinto for clients

Kitco Media
By Reuters
Published:
Updated:
Reuters
JPMorgan holds 5% stake in Rio Tinto for clients teaser image

JPMorgan Chase is holding a 5.36% stake in Australia’s mining conglomerate Rio Tinto for the bank’s clients, an exchange filing to the local bourse showed on Thursday.

Last week, the Anglo-Australian mining giant completed its $6.7 billion acquisition of the US-based Arcadium Lithium, as it looks to diversify away from iron ore towards critical minerals and battery metals.

Rio on Wednesday said it will raise $9 billion in US investment-grade bonds as it seeks to fund the Arcadium buyout.

(By Nikita Maria Jino; Editing by Alan Barona)

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