Rio is said to drop chase for $5bn lithium miner stake

Rio Tinto Group has dropped out of the bidding for a stake in Soc. Quimica & Minera de Chile SA, one of the world’s top lithium producers, as it pursues other ways to capitalise on the electric-car boom, people familiar with the matter said. Rio decided not to proceed with an offer for Nutrien’s 32% stake in Santiago-based SQM after studying information in a data room, according to the people. Other strategic bidders remain interested in the holding, one of the people said, asking not to be identified because the information is private. Nutrien’s interest in SQM is worth about $5-billion at current market prices.