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Tinto takes stake in Nano One to build North America battery midstream","rio-tinto-takes-stake-in-nano-one-to-build-north-america-battery-midstream","article/rio-tinto-takes-stake-in-nano-one-to-build-north-america-battery-midstream",{"_uid":557,"date":558,"tags":559,"editor":563,"content":573,"excerpt":673,"featured":51,"reporter":674,"_editable":678,"component":679,"seo_title":553,"categories":680,"visibility":689,"author_company":49,"featured_image":690,"seo_description":673,"author_full_name":49,"author_job_title":49,"formattedDate":695,"formattedArticleDate":696},"a69393ef-1e4e-414f-8ba9-a6f1d4749df3","2022-06-09 00:00",[560],{"slug":561,"name":562},"rio-tinto","Rio Tinto",[564],{"slug":565,"name":566,"content":567},"matthew-bird","Matthew Bird",{"job_title":568,"image":569,"bio":571,"linkedin":572},"Senior Editor - Supply Chains & Data Visualisation",{"filename":570},"https://a.storyblok.com/f/287943243085208/512x512/14738033ec/matthew-bird.jpeg","Matthew writes, edits and produces content for Benchmark Intelligence and Benchmark Source across the whole mine to grid supply chain. He also acts as a liaison to the press. He has a PhD in electrochemistry from the University of Nottingham.","https://www.linkedin.com/in/birdmatthew/",{"type":574,"content":575},"doc",[576,583,588,593,598,603,608,613,620,625,630,635,650,655,660,665],{"type":577,"attrs":578,"content":579},"paragraph",{"textAlign":49},[580],{"text":581,"type":582},"Rio Tinto has agreed to buy a 4.9% stake in Canadian startup Nano One for $10 million, in a deal that gives the global miner exposure to the burgeoning battery cathode supply chain in North America.","text",{"type":577,"attrs":584,"content":585},{"textAlign":49},[586],{"text":587,"type":582},"The two companies said they will study the use of iron powders from Rio Tinto’s existing titanium plant in Quebec as feedstock for production of Nano One’s lithium iron phosphate (LFP) battery cathode materials.",{"type":577,"attrs":589,"content":590},{"textAlign":49},[591],{"text":592,"type":582},"The deal advances Nano One’s goal to become a North American cathode producer, following its acquisition last month of a LFP cathode plant in Quebec from British chemicals company Johnson Matthey.",{"type":577,"attrs":594,"content":595},{"textAlign":49},[596],{"text":597,"type":582},"Nano One said the money would go towards the acquisition of the facility from Johnson Matthey as well as its conversion to producing the company’s lithium iron phosphate cathode as well as other cathode chemistries.",{"type":577,"attrs":599,"content":600},{"textAlign":49},[601],{"text":602,"type":582},"“Rio Tinto brings deep experience in high volume production and technology commercialization, as well as a growing battery metals business,” Dan Blondal, chief executive of Nano One, said.",{"type":577,"attrs":604,"content":605},{"textAlign":49},[606],{"text":607,"type":582},"Currently almost all the world’s production of LFP cathode is done in China, but automakers outside of the country are starting to use LFP cells because of their lower cost and greater safety.",{"type":577,"attrs":609,"content":610},{"textAlign":49},[611],{"text":612,"type":582},"The deal with Nano One also gives Rio Tinto’s iron powder from its Fer et Titane plant in Quebec a new outlet in the North American market.",{"type":614,"attrs":615,"content":617},"heading",{"level":616,"textAlign":49},4,[618],{"text":619,"type":582},"Rio Tinto’s battery metal push",{"type":577,"attrs":621,"content":622},{"textAlign":49},[623],{"text":624,"type":582},"Rio Tinto’s chief executive Jakob Stausholm has pledged to invest more capital in commodities that will benefit from the global shift away from fossil fuels, in an effort to diversify away from iron ore, its biggest product. In March Rio completed the acquisition of the Rincon lithium project in Argentina for $825 million.",{"type":577,"attrs":626,"content":627},{"textAlign":49},[628],{"text":629,"type":582},"Rio wants to become a “become an important stakeholder in battery materials,” Didier Arseguel, vice president of technology at Rio Tinto Iron and Titanium, said.",{"type":577,"attrs":631,"content":632},{"textAlign":49},[633],{"text":634,"type":582},"A healthy iron powder future is critical for Rio Tinto’s Quebec plant, which produces titanium dioxide (TiO2.) Most of Rio’s titanium production is used in the automotive industry, mainly for parts for internal combustion engine vehicles.",{"type":577,"attrs":636,"content":637},{"textAlign":49},[638,640,648],{"text":639,"type":582},"Titanium dioxide producers in China have ",{"text":641,"type":582,"marks":642},"increasingly been moving",[643],{"type":644,"attrs":645},"link",{"href":646,"uuid":49,"anchor":49,"target":49,"linktype":647},"https://source.benchmarkminerals.com/article/chinas-booming-lfp-market-draws-tio2-attentions","url",{"text":649,"type":582}," into the battery cathode space, as they look for a new market for their iron.",{"type":577,"attrs":651,"content":652},{"textAlign":49},[653],{"text":654,"type":582},"Nano One will issue 4.6 million shares to Rio Tinto in a private placement at C$2.70 per Share, representing around 4.9% of its current shares in issue. Rio Tinto will also have the right to maintain its stake in any future equity financings for five years.",{"type":577,"attrs":656,"content":657},{"textAlign":49},[658],{"text":659,"type":582},"In addition, Rio Tinto will receive 1 million warrants giving them the right to buy a share in Nano One at C$4.00 a share for 12 months.",{"type":577,"attrs":661,"content":662},{"textAlign":49},[663],{"text":664,"type":582},"Shares in Nano One have fallen by 38% over the past year to trade at C$2.97 a share.",{"type":577,"attrs":666,"content":667},{"textAlign":49},[668],{"text":669,"type":582,"marks":670},"(This story has been updated to correct the size of Rio’s stake.) ",[671],{"type":672},"italic","Rio Tinto has agreed to buy a 4.9% stake in Canadian startup Nano One for $10 million, in a deal that gives the global miner exposure to the burgeoning battery cathode supply chain in North America. The two companies said they will study the use of iron powders from Rio Tinto’s existing titanium plant in […]",[675],{"slug":565,"name":566,"content":676},{"job_title":568,"image":677,"bio":571,"linkedin":572},{"filename":570},"\u003C!--#storyblok#{\"name\": \"article\", \"space\": \"\", \"uid\": \"a69393ef-1e4e-414f-8ba9-a6f1d4749df3\", \"id\": \"\"}-->","article",[681,684,686],{"slug":682,"name":683},"batteries","Batteries",{"slug":685,"name":299},"cathode",{"slug":687,"name":688},"critical-minerals","Critical Minerals","private",{"id":49,"alt":691,"name":691,"focus":691,"title":691,"source":691,"filename":692,"copyright":691,"fieldtype":693,"meta_data":694,"is_external_url":51},"","https://a.storyblok.com/f/287943243085208/cb894b6df7/bm-rt-rtft-port1-e1654788073852.jpg","asset",{"alt":691,"title":691,"source":691,"copyright":691},"Jun 09, 2022","9th June 2022",[],[],1792688588233]