(Reuters) – Lithium miner Arcadium on Sunday confirmed that global mining giant Rio Tinto (NYSE:) has approached it regarding a potential acquisition.

“The approach is non-binding and there is no certainty that any transaction will be agreed to or will proceed,” Arcadium said in the statement.

Earlier this week, Reuters exclusively reported that the companies had been holding talks and a deal that would make Rio the third-largest producer of the electric vehicle battery metal.