Serbia to Reapprove Rio Tinto's $2.4 Billion Lithium Project

Published: Jun 21, 2024 12:02

Source: SMM

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According to Reuters, Serbia is set to reauthorize Rio Tinto's Jadar lithium project, valued at $2.4 billion, after revoking its permits over two years ago.

According to Reuters, Serbia is set to reauthorize Rio Tinto's Jadar lithium project, valued at $2.4 billion, after revoking its permits over two years ago. President Aleksandar Vučić announced that new guarantees from Rio Tinto and anticipated commitments from the European Union on environmental protection and the value chain have paved the way for the project's revival.

The Jadar project is expected to produce 58,000 tons of lithium annually, sufficient to support 17% of Europe's electric vehicle production, approximately 1.1 million cars. If all goes well, the mine could begin operations by 2028.

The decision aligns Serbia with the EU’s strategic autonomy goals, enhancing its geopolitical stance while ensuring compliance with stringent environmental standards. Vučić expressed confidence that EU leaders would endorse investments in EV and battery factories, further integrating Serbia into the European supply chain for critical raw materials.

Environmental groups have vowed to continue their opposition, emphasizing the need for strict environmental oversight.

Author: Hongqiu Su | Battery Metals Analyst Associate | London Office, Shanghai Metals Market
Email: lilysu@smm.cn

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