Dejan Šoškić, former governor of the National Bank of Serbia, has raised concerns about the state’s potential earnings and the broader economic implications of allowing Rio Tinto to exploit lithium in Serbia. Šoškić criticized claims that lithium mining could lead to the establishment of battery or electric car factories, arguing that Serbia could achieve similar outcomes without relying on domestic lithium.
Šoškić’s analysis, published by the Fonet agency, questions the economic benefits of foreign-controlled mineral extraction. He argues that the real impact on Serbia’s economy, budget and employment hinges on who owns and operates the mining activity. According to Šoškić, if a foreign company controls the operation, all mineral wealth essentially becomes the property of that company, leaving Serbia with limited benefits.
He notes that promises of additional investments or factories are often speculative. Without a clear understanding of future market prices and company policies, it is difficult to gauge the true economic contribution of such projects. Šoškić points out that historical examples from other regions show that foreign companies often exploit mineral resources without substantial benefits for the local population.
Šoškić also emphasizes that if mineral wealth is to be exploited, the most significant benefits would accrue if the operations were managed by a state-owned enterprise. This approach would ensure that profits remain within the country. He questions why Serbia does not pursue this route and attributes the lack of action to political and strategic decisions rather than economic limitations.
He concludes by supporting the negative assessment of the Jadar project from a SANU meeting two years ago, suggesting that the public should consider expert opinions when evaluating such projects.
