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Rio Tinto gives go-ahead to $2.4 billion Serbia lithium project

Christian Fernsby |
Rio Tinto said on Tuesday it would invest $2.4 billion to develop its Jadar lithium project in Serbia.

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The Anglo-Australian miner expects construction to start in 2022 and last four years, subject to regulatory approvals.

Jadar is in the western Serbian city of Loznica and was discovered in 2004. It will include an underground mine and onsite processing facility that will produce battery-grade lithium carbonate, also used for storing renewable energy. It will also mine borates, used in solar panels and wind turbines.

Jadar is slated to position Rio as the largest lithium supplier in Europe for at least the next 15 years, the company said in a release ahead of its financial results on Wednesday.

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