Rio Tinto commits $2.4 billion funding for Jadar lithium project
Rio Tinto said today it is commiting $2.4 billion to the Jadar lithium-borates project in Serbia.
Rio Tinto said Jadar is one of the world’s largest greenfield lithium projects.
The Australian miner still needs to acquire permits to develop the site.
"The Jadar project would scale up Rio Tinto’s exposure to battery materials, and demonstrate the company’s commitment to investing capital in a disciplined manner to further strengthen its portfolio for the global energy transition," writes Rio Tinto in a news release announcing the commitment.
"Jadar will produce battery-grade lithium carbonate, a critical mineral used in large scale batteries for electric vehicles and storing renewable energy, and position Rio Tinto as the largest source of lithium supply in Europe for at least the next 15 years. In addition, Jadar will produce borates, which are used in solar panels and wind turbines."
Some non-governmental organization have lined up against the project on environmental grounds. Balkan Green Energy news reports that 124,000 people have signed a petition opposing the project.