Graphic: Investment needed to meet battery demand by 2040
Investment in batteries is expected to surpass $1.6 trillion by 2040.
Serbia’s energy minister said on Friday that it could take Rio Tinto two years to obtain the permits needed to start construction on its Jadar lithium project.
Last month, Serbia reinstated Rio Tinto’s licence to develop what would be Europe’s biggest lithium mine in the western Jadar region, two years after the previous government halted the licensing process due to protests by environmental groups.
Energy Minister Dubravka Djedovic Handanovic told Reuters that the miner needs to secure approvals to move towards production at the site, which will hinge on its environmental impact study. She noted that the project was one of the largest by certified reserve, amounting to 158 million tonnes — equivalent to 17% of Europe’s total lithium reserves.
“How quickly we will proceed is down to us. We have already lost two years. We could have been the first in this race,” Handanovic said.
If completed, the Jadar project would be able to produce 58,000 tonnes of refined battery-grade lithium carbonate per year — enough to power one million electric vehicles and supply 90% of the continent’s current lithium needs. It would also propel Rio Tinto onto the list of the top 10 global lithium producers.
Recently, the President of the Republic of Serbia, Aleksandar Vučić, stated that lithium mining would not occur until guarantees are received from the world’s best experts.
“There will be no digging, no changes in the field, nor will there be. Until we get all the guarantees ourselves, nothing will happen in the next 12 to 18 months,” Vučić said.
Last month, Serbia, the European Union and Germany signed agreements granting EU members and some of the continent’s most important carmakers exclusive access to Serbian lithium. The agreements, covering sustainable raw materials and battery supply chains, came only a week after Serbia’s top court ruled the 2022 decision to revoke the Jadar project licence was unconstitutional.
Thousands took to the streets across Serbia last week to protest against the project. A new major protest is scheduled for Saturday in the capital, Belgrade.
Handanovic questioned the protesters’ motives and said the demonstrations aimed more at challenging the government.
“The arguments presented are aimed at destroying order on the streets under the guise of concern for ecology,” the minister said.
She also said the project would help Serbia, which has mineral resources including copper, zinc, lead, gold and lithium, access technical know-how.
(With files from Reuters)
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