Rio Tinto hunts for lithium deals, eyes Jadar revival – by Cecilia Jamasmie ( – December 13, 2022)

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.

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