JPMorgan scoops over 5% stake in mining major Rio Tinto

JPMorgan Chase has taken a 5.36% stake in Australia’s mining conglomerate Rio Tinto (NYSE:RIO), an exchange filing to the local bourse showed on Thursday.

This would make the investment bank Rio’s second-largest shareholder after global investment manager Vanguard Group’s 6.02% stake, according to data compiled by LSEG.

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

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