Rio Tinto (ASX, LON, NYSE: RIO) said on Tuesday is actively searching for lithium assets as its expects prices for the metal used in the making of batteries that power electric vehicles to remain high for a “long period of time”.
The company had to shelve its proposed $2.4 billion Jadar lithium mine in Serbia early this year after the government revoked the project’s licences. In a presentation posted on its website, Rio confirmed it has not scrapped Jadar completely as it still considers the project as part of its portfolio and said it intends to de-risk the development process.
The world’s second largest miner also said it was pursuing “organic and M&A growth opportunities” in the lithium sector.
Serbian Prime Minister Ana Brnabic was quick to throw cold water on Rio’s plans, saying she didn’t see any possibility to revive the lithium-borat project, local news site Nova reported.
For the rest of this article: https://www.mining.com/rio-tinto-hunts-for-lithium-deals-eyes-jadar-revival/