Arcadium Lithium shares jumped in premarket trading Monday after it confirmed that it has been approached about a potential acquisition by mining giant Rio Tinto.

Mining giant Rio Tinto is in talks to buy New York-listed Arcadium Lithium, its latest attempt to establish a foothold in the fast-growing market for a critical mineral used to power electric cars.

Rio Tinto Group has made an approach for Arcadium Lithium Plc, the two sides said on Monday, confirming the latest takeover proposal in a sector turning its attention back to growth, as major miners scramble to increase their exposure to energy-transition metals.