Serbia scraps Rio Tinto’s $2.4 billion Jadar lithium project over environmental concerns
proposed $2.4 billion lithium project, warning the move could hurt efforts to grow and diversify the Balkan country's economy.
The country's populist ruling coalition, led by the Serbian Progressive Party , has come under fire for backing lithium and copper mining, eroding the comfortable majority won in a 2020 vote. "It would have contributed to support the growth of a nascent industrial battery-related ecosystem in Serbia, contributing to a substantial amount to Serbia's annual GDP," the alliance said in a statement.Thousands of Serbiansin protests against the government's backing of the project in recent months, demanding Rio leave the country and forcing the local municipality to scrap a plan to allocate land for the facility.
Aleksandar Jovanovic Cuta, another protest leader, said green groups would prevent any future government's attempt to negotiate a new deal with Rio Tinto after the elections.A sign adorns the building where mining company Rio Tinto has their office in Perth, Western Australia, November 19, 2015. REUTERS/David GraySUPPLY SHORTAGE
"The level of opposition to it has really ratcheted up over the last six months," Credit Suisse analyst Saul Kavonic said of the Jadar mine. Experts said the world's shortage of lithium had been forecast to last for another three years at least, but with the cancellation of the Jadar project, the shortfall would be exacerbated.
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