Global mining major Rio Tinto has secured all necessary regulatory approvals to proceed with its $6.7-billion acquisition of Arcadium Lithium, paving the way for the transaction to close in early March.

Arcadium Lithium confirmed on Friday that it had obtained merger control clearance in Australia, Canada, China, Japan, South Korea, the UK, and the US under the Hart-Scott-Rodino Antitrust Improvements Act of 1976. Further, investment screening approvals have been granted in Australia, Canada, Italy, the UK, and the US, including clearance from the Committee on Foreign Investment in the United States.

The final procedural step for the transaction will be the sanction hearing in the Royal Court of Jersey on March 5, after which the deal is expected to close on March 6.

The acquisition, announced in October, represents Rio Tinto’s strategic push into the lithium sector as part of its broader energy transition ambitions. The mining giant is betting on the long-term growth of lithium demand, particularly for electric vehicle batteries and energy storage systems, despite current depressed spot prices.

“Acquiring Arcadium Lithium is a significant step forward in Rio Tinto’s long-term strategy, creating a world-class lithium business,” said Rio Tinto CEO Jakob Stausholm at the time of the announcement. He noted that lithium demand was expected to grow at double-digit rates until 2040, with a projected market deficit by the end of the decade.

The acquisition provides Rio Tinto with access to Arcadium’s diversified lithium assets, including hard-rock, conventional brine, and direct lithium extraction sources, as well as its lithium chemicals manufacturing capabilities. Arcadium, which has operations across Argentina, Australia, Canada, China, Japan, the UK, and the US, currently has a production capacity of 75 000 t of lithium carbonate equivalent, with plans to more than double that by 2028.

Arcadium CEO Paul Graves previously described the deal as a pivotal moment for both companies, stating that Rio Tinto’s financial strength and disciplined capital allocation would accelerate growth projects that had been constrained by financial limitations. Under Rio Tinto’s ownership, Arcadium expects to bring an additional 50 000 t of lithium carbonate and spodumene production online ahead of schedule.