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Title: Serbia revokes Rio Tinto's licences - $2.4 BILLION investment gone. after Australia takes a dump on their national tennis star
Source: [None]
URL Source: https://www.michaelsmithnews.com/20 ... 4-billion-investment-gone.html
Published: Jan 21, 2022
Author: Michael Smith News
Post Date: 2022-01-21 06:57:08 by A K A Stone
Keywords: None
Views: 58

BELGRADE, Jan 20 (Reuters) - Serbia revoked Rio Tinto's (RIO.L) lithium exploration licences on Thursday, bowing to protesters who opposed the development of the project by the Anglo-Australian mining giant on environmental grounds.

Serbian Prime Minister Ana Brnabic said the government's decision came after requests by various green groups to halt the$2.4 billion Jadar lithium project which, if completed, would help make Rio a top 10 lithium producer.

"All decisions (linked to the lithium project) and all licences have been annulled," Brnabic told reporters after a government session. "As far as project Jadar is concerned, this is an end."

Earlier this week, Rio had pushed back the timeline for first production from Jadar by one year to 2027, citing delays in key approvals. read more

Rio Tinto said it was "extremely concerned" by Serbia's decision and was reviewing the legal basis for it.

The company committed to the project just last year, as global miners pushed into the metals needed for the green energy transition, including lithium, which is used to make electric vehicle batteries.

The mine was slated to produce enough lithium to power 1 million electric vehicles, in addition to boric acid, used in ceramics and batteries, and sodium sulphate, used in detergents. At full capacity, the mine was expected to produce 58,000 tonnes of refined battery-grade lithium carbonate per year, making it Europe's biggest lithium mine by output.

ENDS

This is a very very very big deal for Rio Tinto - $2.4 Billion worth.


Poster Comment: Good Fuck Australia.

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