Rio Tinto keen for talks to revive Serbian lithium project (updated)

Antimony Resources

05/05/2022 05:18

* Serbia blocked mine after mass environmental protests
    * Rio says Jadar has "impeccable" environmental credentials
    * Rio says Jadar offers big economic opportunity for Serbia

 (Adds CEO, chairman comments)
    By Sonali Paul
    MELBOURNE, May 5 (Reuters) - Rio Tinto  RIO.AX  RIO.L  is
eager to reopen talks with the Serbian government about its $2.4
billion Jadar lithium project, which was blocked ahead of the
country's recent election, the company's chief executive and
chairman said on Thursday.
    The Serbian government revoked licenses for the Jadar
project in January after massive protests sparked by
environmental concerns about the planned mine.  urn:newsml:reuters.com:*:nL1N2U020W
    "We very much hope that we will be able to discuss all of
the options with the government of Serbia now the elections are
out of the way," Thompson told shareholders at the company's
Australian annual meeting, in Rio Tinto's first public comments
following the Serbian election.
    Serbian President Aleksandar Vucic overwhelmingly won
re-election in April but his party fell short of forming a
government in its own right.  urn:newsml:reuters.com:*:nL2N2W20HS
    The Jadar project, which could supply 90% of Europe's
current lithium needs, was "very important for Serbia" as it
could boost the country's economic output and open up
opportunities for the development of a downstream business to
supply green technology to the European automotive market,
Thompson said.
    Chief Executive Jakob Stausholm said the global miner is
still pushing ahead with plans to become a lithium producer,
trying to accelerate the Rincon project it acquired in Argentina
in December.
    "But we've certainly not given up on Jadar, because, quite
frankly it's a perfect project," Stausholm told reporters
following the annual meeting.
    He said the project has "impeccable" environmental, social
and governance credentials.
    Under Serbian rules, the company could not release its
environmental and social impact review of the project ahead of
gaining government approval, which Thompson said gave rise to
misinformation about the project circulating ahead of the
election in Serbia.
    "We certainly understand the concerns of the local
community, but it's our belief that actually those concerns are
very largely addressed by the environmental and impact
assessments that we have carried out," said Thompson.
    Rio Tinto is hyper alert to community concerns after
sparking a widespread public outcry after destroying
46,000-year-old caves in Western Australia for an iron ore mine
- a disaster which prompted Thompson to step down. Wednesday's
annual meeting was his last ahead of retiring.
    

 (Reporting by Sonali Paul; Editing by Richard Pullin)
 ((Sonali.Paul@thomsonreuters.com; +61 407 119 523;))