If BHP’s bid for Anglo American was the deal-making equivalent of a double somersault with a triple twist, then Rio Tinto’s approach to beaten-down lithium producer Arcadium is as subtle as a bomb in the deep end.

The logic here is very simple. Rio likes the long-term prospects for the lithium sector, but its assets are either relatively small (its Rincon project in Argentina is essentially a small pilot plant) or completely stalled (its Jadar project in Serbia).