JPMorgan buys 5.36% stake in Rio Tinto, becomes second top shareholder
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The news: JPMorgan Chase has bought up a 5.36% stake in mining giant Rio Tinto, according to an ASX filing this morning.
The numbers: The move will make the investment bank Rio Tinto's second biggest shareholder, with Vanguard Group holding a 6.02% interest, Reuters reported, citing LSEG data.
The context: Last week, Rio Tinto sealed its $9.9 billion acquisition of lithium chemicals producer Arcadium Lithium. It also announced it would invest $2.8 billion to develop its Brockman iron ore mine in Western Australia.
