Anglo-Australian miner falls after the government yields to demands by green groups to halt the $2.4bn Jadar project
Serbian Prime Minister Ana Brnabic at a media conference after a Serbian government session about Rio Tinto, in Belgrade, Serbia, on January 20 2022. Picture: REUTERS/ZORANA JEVTIC
It is also a major setback for Rio, which was hoping the project would help make it one of the world’s 10 biggest producers of lithium, a key ingredient in batteries. Serbian Prime Minister Ana Brnabic told a news conference in Belgrade that the decision came after requests by various green groups to halt the $2.4bn Jadar lithium project that was planned to start production in 2027.
Djokovic spoke out in support of “clean air” in a December Instagram story post captioning a picture of the anti-mining protests, which was published by digital sports platformAustralia’s foreign ministry had no immediate comment on the decision.Rio has already spent $450m in pre-feasibility, feasibility and other studies on Jadar to understand the nature of the deposit, the company said in a project fact sheet in July.
This week, Rio pushed back the timeline for first production from Jadar by one year to 2027, citing delays in approvals.At full capacity, the Jadar mine was expected to produce 58,000 tonnes of refined battery-grade lithium carbonate a year, making it Europe’s biggest lithium mine by output. Robust global demand for the metal far outstripping supply growth has pushed lithium prices to a record in recent years.
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