Rio Tinto has confirmed it is not leaving Serbia, despite reports claiming the opposite. The company told Blic that it “continues to believe the Jadar deposit is of exceptional quality, with long-term potential and an important role in Serbia’s and Europe’s energy transition.”
The company explained that the Jadar project is entering a “care and maintenance” phase, which involves a comprehensive assessment of project costs and resources, while the priority remains to retain all legal rights over the deposit. Rio Tinto said it has invested over USD 700 million in Jadar during more than 20 years of activity in Serbia.
The company added that its upcoming focus will be to support employees during the transition and to continue meeting its legal obligations and responsibilities as a landowner in the Jadar valley.
The move comes after an internal memo, cited earlier by Bloomberg, stated that due to the lack of progress in the permitting process, the company can no longer sustain the same level of spending and resource allocation. The project has faced years of delays in obtaining permits and strong opposition from local communities, despite the deposit’s high lithium content.
Bloomberg also reported that Paul Graves, head of Rio Tinto’s lithium division, will leave the company.
Rio Tinto recently acquired Arcadium Lithium Plc for USD 6.7 billion, gaining three lithium projects already under development, while continuing major investments in its Rincon project in Argentina. However, global lithium prices remain about 85% below their 2022 peak.
The Jadar project was earlier listed by the EU as a strategic raw materials project in a third country.
