(Bloomberg) -- Shares of Arcadium Lithium Plc jumped after a report said Rio Tinto Plc is in talks to buy the smaller miner.

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Rio Tinto is said to be in negotiations to buy Arcadium in a deal that would value the lithium miner between $4 billion to $6 billion, Reuters reported, citing unnamed sources.

Shares of Arcadium jumped more than 30% after the report during after-market trading in New York late Friday.

The negotiations between Rio and Arcadium are ongoing and continued in London this week during a major industry gathering, Reuters reported, adding that the talks may not necessarily result in a deal.

Rio Spokesperson Jesse Riseborough declined to comment. Arcadium didn’t immediately respond to Bloomberg request seeking comments.

The potential deal would make Rio one of the world’s top producers of the battery metal that’s a key component in rechargeable batteries in electric vehicles.

Lithium stocks globally have languished this year as a supply glut overwhelmed demand from battery manufacturers amid slower EV sales.

--With assistance from Joe Deaux.

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