Shares in Rio Tinto , fell on Friday after Serbia revoked lithium exploration licences of the Anglo-Australian mining giant, bowing to local protesters who opposed the development of the project on environmental grounds.
fell on Friday after Serbia revoked lithium exploration licences of the Anglo-Australian mining giant, bowing to local protesters who opposed the development of the project on environmental grounds.
Serbian Prime Minister Ana Brnabic said in a news conference in Belgrade that the government's decision came after requests by various green groups to halt the $2.4 billion Jadar lithium project. If completed, the project would have helped make Rio one of the world's 10 biggest producers of the material, a key ingredient in batteries and much in demand in the ongoing electric vehicle boom.
"We've been highlighting for a while now there would be about $2 a share at risk if the government cancels it," Kavonic said.last year in protest against the government's backing of the project, demanding Rio Tinto leave the country and forcing the local municipality to scrap a plan to allocate land for the facility.
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