Serbia plans 2028 lithium mining start with Rio Tinto, EU assurances

By Al Mayadeen English
Source: Financial Times
16 Jun 2024 20:37

Rio Tinto has identified the Jadar site in western Serbia as holding one of Europe's largest lithium reserves, a critical resource for the production of electric vehicle batteries.

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Serbian President Aleksandar Vucic speaks during the gathering the "All-Serb Assembly" in Belgrade, Serbia, Saturday, June 8, 2024. (AP)

The Financial Times reported on Sunday that Serbian President Aleksandar Vucic has signaled plans for the country to tap into its lithium reserves as early as 2028.

In his remarks to FT, Vucic disclosed that Rio Tinto and the EU have provided "new guarantees" regarding adherence to stringent environmental standards.

"If we meet all requirements, (the mine) could begin operations in 2028," Vucic said, noting the potential transformative impact of the project on Serbia and the broader region.

Rio Tinto has identified the Jadar site in western Serbia as holding one of Europe's largest lithium reserves, a critical resource for the production of electric vehicle batteries.

Although the deposits were discovered in 2004, the Serbian government suspended the mining project in 2022 following environmental and public health concerns that sparked widespread protests.

The president stated that the mine aims to produce 58,000 tonnes of lithium annually, equivalent to powering 17 percent of Europe's electric vehicle production or approximately 1.1 million cars.

Critics of the project, including environmental groups and local activists, had previously accused Rio Tinto and Vucic's government of lacking transparency and failing to disclose comprehensive environmental impact assessments.

In response to these concerns, Rio Tinto recently released an environmental impact report aimed at addressing fears and reshaping the narrative surrounding the project. The mining company vowed to employ "safe, reliable, and proven technology," while denouncing what it described as a misinformation campaign against the initiative.

Furthermore, in September 2023, Serbia signed a letter of intent with the European Commission to forge a strategic partnership focused on batteries and raw materials, underscoring the geopolitical and economic significance of the lithium project.