Rio Tinto’s ambitious lithium project in Serbia is projected to attract 6 billion euro ($6.5 billion) in investments and create 20,000 jobs, according to Goran Vesic, Serbia’s infrastructure minister. Vesic revealed in an interview with local TV Happy that the country aims to become a key player in the battery and electric car manufacturing industry, with facilities set to utilize domestic lithium. Serbia secured a total of 4.5 billion euro in investments in 2023, showcasing its growing economic potential.
Addressing environmental concerns, Vesic emphasized that the Serbian government demands the highest ecological standards for the $2.55 billion Jadar project. Rio Tinto is required to submit an environmental impact assessment study for the mine. Vesic highlighted the significance of a recently signed memorandum of understanding between Serbia’s government and the European Union (EU), marking a pivotal moment in the country’s EU accession process. This agreement follows the reinstatement of permits for Rio Tinto’s lithium mine in the Jadar Valley, which had previously sparked protests over environmental issues.
Serbia’s president, Aleksandar Vucic, noted in a recent interview that the mine is expected to produce 58,000 tons of lithium per year, potentially supporting 17% of EV production in Europe, or about 1.1 million cars annually. The jadarite reserve, discovered by Rio in 2004, is set to become a cornerstone of Serbia’s industrial future, with plans for an underground mine to be completed by 2026.
