On the RIO/ALTM deal, it's worth looking at the scale of Arcadium's growth projects to get a clear view of why RIO have approached them, and not a microcap like Galan which they could easily finance out of their back pocket. At their 2024 investor day last month Arcadium flagged plans to grow production beyond 2028 up to 295,000 LCE p/a. Evidently a lot would have to go right there, but the point is this is the sort of scale that RIO need for any M&A deal to actually move the dial for them on an earnings basis.
General Discussion Banter GLN, page-16013
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