Quote:
Rio decided not to proceed with an offer for Nutrien's 32 percent 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.
Nutrien's interest in SQM is worth about $US5 billion.
Nutrien, the Canadian firm formed through Potash Corp's recent merger with Agrium, is selling the holding to meet a condition imposed by Indian regulators when approving that combination. Rio last year sought advice from firms including Credit Suisse on a possible bid for the stake, people familiar with the matter said in November.
Lithium is a key element used in electric-vehicle batteries, and prices have tripled since 2015. BHP Billiton, the world's largest mining company, in September approved a $US43 million project to start producing nickel sulfate, a product needed for lithium-ion batteries. Glencore plans to double its production of cobalt in the next two years, another key battery component.
Representatives for Rio Tinto, Nutrien and SQM declined to comment.
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