Rio Tinto shares slump as Serbia pulls plug on its $2.4 bln lithium project - Reuters
Jan 21, 2022 1 min, 5 secs

It is also a major setback for Rio (RIO.L), (RIO.AX), which was hoping the project would help make it one of the world's 10 biggest producers of lithium, a key ingredient in batteries.

The mine is Rio's only lithium project and the company announced just a month ago a deal to buy a second lithium asset for $825 million, as it looks to build its battery materials business.

Serbian Prime Minister Ana Brnabic told a news conference in Belgrade that the decision came after requests by various green groups to halt the $2.4 billion Jadar lithium project that had planned to start production in 2027.

The Australian government said it regrets Serbia's decision to revoke Rio's licences.

Rio has already spent US$450 million in pre-feasibility, feasibility and other studies on Jadar to understand the nature of the deposit, the company said in a project fact sheet in July.

At full capacity, the Jadar mine was expected to produce 58,000 tonnes of refined battery-grade lithium carbonate a year, making it Europe's biggest lithium mine by output.

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 now last for several years.

1. Astronaut Samantha Cristoforetti shares incredible lunar eclipse photos from International Space Station - New York Post
May 17, 2022 # science 34 secs
2. Pirates of the Caribbean Producer Addresses Johnny Depp’s Future With the Franchise Amid Trial - E! NEWS
May 17, 2022 # politics 40 secs
3. Mick Jagger On Harry Styles: “I Was Much More Androgynous” Than Him - Deadline
May 22, 2022 # entertainment 19 secs
4. COVID's Death Milestone And Mass Shootings: Is Mass Death The New Normal?
May 21, 2022 # breaking 1 min, 43 secs
5. Dow falls again and stocks continue their lousy 2022 - CNN
May 19, 2022 # politics 28 secs
6. Bob the Drag Queen returns as 'The Pit Stop' host for 'All Stars 7' - Entertainment Weekly News
May 19, 2022 # entertainment 39 secs
7. Judge temporarily delays execution of man who killed 8-year-old, raped 10-year-old - Yahoo News
May 17, 2022 # politics 22 secs
8. Favorite meals from someone on Mediterranean diet + recipes - Insider
May 17, 2022 # health 1 min, 6 secs
9. Creator of 'Star Wars' Death Star, X-Wing dies at 90 - New York Post
May 22, 2022 # entertainment 13 secs
10. Chicago-Area Counties Approach ‘High Community Levels' of COVID as Cases, Hospitalizations Rise - NBC Chicago
May 20, 2022 # health 44 secs
11. Why Are US Bureaucrats Helping China Cover Up The Lab Leak Theory? - The Federalist
May 20, 2022 # health 2 mins, 21 secs
12. ‘This Is Us’ Creator Dan Fogelman Breaks Down Emotional Penultimate Episode, Its Surprise Twist & Cameos And Teases Series Finale – Video Q&A - Deadline
May 18, 2022 # politics 1 min, 30 secs
13. Woman granted emergency protective order against Rajon Rondo, alleges Cleveland Cavaliers point guard threatened her with gun - ESPN
May 17, 2022 # politics 37 secs
14. New York investigating possible monkeypox case - but how much of a threat is it? - Times Union
May 22, 2022 # health 1 min, 27 secs
15. 2023 Audi RS5 Is Faster, Louder, Lower With New Competition Package - Motor1
May 17, 2022 # technology 33 secs
16. ‘Like them, we’re fragile’: how Randall Poster assembled his star-packed birdsong project - The Guardian
May 23, 2022 # entertainment 1 min, 48 secs


Get monthly updates and free resources.


© Copyright 2022 365NEWSX - All RIGHTS RESERVED