MINEX Forum

Tag: Rio Tinto

  • Serbia Faces Escalating Protests Over Rio Tinto’s Jadar Lithium Mine Project

    Serbia Faces Escalating Protests Over Rio Tinto’s Jadar Lithium Mine Project

    Mining giant Rio Tinto is facing increasing opposition in Serbia over its proposed Jadar Lithium Project, which has sparked widespread protests due to concerns about environmental pollution and public health risks. The project, located near Loznica, aims to produce large quantities of lithium carbonate, boric acid, and sodium sulphate to meet 90% of Europe’s lithium needs.

    The protests, spearheaded by farmer Zlatko Kokanovic and supported by thousands of demonstrators, have been fueled by fears that the mine would release harmful substances like arsenic and sulphuric acid, contaminating the land and air. Kokanovic has warned that the mine would devastate the region, describing it as a threat to Serbia’s health and environment in exchange for Europe’s lithium supply.

    Additionally, cultural heritage sites such as the Paulje Necropolis and the Church of St George the Great Martyr are located near the project, raising further concerns among local communities. Protesters have vowed to resist the mine’s construction, with some prepared to take radical action to protect their homes and land.

    A recent scientific study revealed elevated levels of boron, arsenic, and lithium in nearby rivers, indicating the environmental impact of Rio Tinto’s exploration efforts. Protesters across Serbia have declared their determination to block the project, citing the environmental damage as outweighing any potential economic benefits.

  • Protests Erupt in Valjevo Against Rio Tinto’s Lithium Project Amid Environmental Concerns

    Protests Erupt in Valjevo Against Rio Tinto’s Lithium Project Amid Environmental Concerns

    Hundreds of protesters gathered in the central Serbian town of Valjevo on Monday to voice their opposition to Rio Tinto’s lithium project in Western Serbia, citing fears of potential environmental pollution. The demonstration took place in the town’s central square, with residents chanting, “You will not dig,” and “Rio Tinto, leave Serbia!” Valjevo, an industrial city with a population of 55,000, is located about 100 km (60 miles) west of Belgrade.

    Sonja, a 50-year-old resident of Valjevo, expressed the community’s determination, stating, “We will not allow it; we will fight as much as we can.” Aleksandar Jovanovic Cuta, one of the protest organizers, echoed this sentiment, warning that the “agony called lithium is continuing” and affirming that “Serbia will not go quiet over this issue. This is non-negotiable.”

    The protest follows a larger demonstration on August 10, when tens of thousands rallied in Belgrade. Authorities have dismissed these protests as politically motivated, aimed at destabilizing the government of populist President Aleksandar Vucic. In Valjevo, protesters also demanded an end to what they describe as a government crackdown on green activists. Activist Aleksandra Bulatovic reported that, since the August 10 rally, police have interrogated and searched the homes of over 40 environmental activists, accusing them of conspiring against the country’s constitution. Bulatovic, who was also questioned, criticized the authorities, saying, “This is unconstitutional; they are abusing the law. This is pure repression.”

    The controversy intensified last month when Belgrade reinstated Rio Tinto’s license to develop what would be Europe’s largest lithium mine, after halting the project two years ago due to widespread environmental protests. The $2.4 billion Jadar lithium project could potentially supply 90% of Europe’s current lithium needs, positioning Rio Tinto as a leading global producer of this essential component used in batteries for electric vehicles and mobile devices. While Serbian officials argue that the mine could significantly boost the country’s economy, environmentalists warn of the high environmental costs.

  • Environmental Activists to Rally Against Rio Tinto’s Lithium Mine Project in Serbia

    Environmental Activists to Rally Against Rio Tinto’s Lithium Mine Project in Serbia

    Environmental activists and opposition groups are set to gather in the center of Serbia’s capital on Saturday, demanding a halt to the Rio Tinto Group’s $2.4 billion project to open Europe’s biggest lithium mine. The ongoing controversy highlights the significant challenges of developing new mines in Europe, especially as governments strive to secure supplies of critical minerals like lithium, essential for the energy transition. For Rio Tinto, the world’s second-largest miner, the Serbian mine is a key project aimed at reducing its dependence on iron-ore.

    The project was initially halted in 2022 following widespread protests by environmental activists concerned about the potential heavy pollution from mining and processing the metal, which is vital for battery production. However, Serbia’s top court lifted the ban last month, reigniting opposition. The upcoming rally follows a series of small protests across the country, with growing anger towards President Aleksandar Vucic for his strong support of the project.

    The Vucic administration has promoted the project as a significant economic opportunity, with Finance Minister Sinisa Mali suggesting that lithium mining—if combined with local battery and electric vehicle production—could boost Serbia’s economic output by as much as €12 billion annually. Recently, Serbian and EU officials signed an agreement to secure critical raw materials across the bloc, with lithium being a central focus. Additionally, Mercedes Benz chief Ola Kaellenius and representatives from Stellantis carmaker have expressed interest in investing in developing EV batteryproduction in the region.

    Despite these assurances, activists remain unconvinced, rejecting the government’s claims that the mine will adhere to strict environmental standards.

  • Rio Tinto’s Jadar Lithium Project Faces Two-Year Permit Delay in Serbia

    Rio Tinto’s Jadar Lithium Project Faces Two-Year Permit Delay in Serbia

    Serbia’s Energy Minister, Dubravka Djedovic Handanovic, announced on Friday that it could take Rio Tinto up to two years to obtain the necessary permits to begin construction on its Jadar lithium project. This comes after Serbia reinstated Rio Tinto’s license last month, two years after the previous government halted the process following protests by environmental groups.

    Handanovic highlighted that the mining giant must secure approvals based on the project’s environmental impact studybefore moving forward. The Jadar project, located in western Serbia, is considered one of the largest lithium reserves in Europe, with 158 million tonnes, equating to 17% of the continent’s total lithium reserves.

    “If completed, the Jadar project could produce 58,000 tonnes of refined battery-grade lithium carbonate annually,” Handanovic said, noting that this would be sufficient to power one million electric vehicles and meet 90% of Europe’s current lithium demand. This would also position Rio Tinto among the top 10 global lithium producers.

    Despite the potential benefits, Serbian President Aleksandar Vučić has emphasized that no mining operations will commence until guarantees from the world’s top experts are secured. Vučić stated, “There will be no digging, no changes in the field, nor will there be. Until we get all the guarantees ourselves, nothing will happen in the next 12 to 18 months.”

    Last month, Serbia signed agreements with the European Union and Germany to provide EU members and key car manufacturers with exclusive access to Serbian lithium. These agreements followed a ruling by Serbia’s top court declaring the 2022 decision to revoke the Jadar project’s license unconstitutional.

    Despite these developments, thousands of Serbians have taken to the streets to protest the project, with another major demonstration planned for Saturday in Belgrade. Handanovic questioned the protesters’ motives, suggesting that their arguments are more focused on challenging the government rather than genuine environmental concerns. She added that the project would help Serbia tap into its mineral wealth, including copper, zinc, lead, gold, and lithium, and gain access to valuable technical expertise.

  • Protests Erupt in Belgrade Against Controversial Lithium Mine Reboot

    Protests Erupt in Belgrade Against Controversial Lithium Mine Reboot

    Thousands of protesters took to the streets of Belgrade on Saturday, rallying against the controversial lithium mineproject set to become a key component in Europe’s green energy transition. Demonstrators chanted slogans like “Rio Tinto get out of Serbia” and “You won’t dig” as they marched through the city, with some protesters blocking tracks at the main railway station, disrupting traffic.

    The Anglo-Australian mining company Rio Tinto is developing the lithium mine near the western Serbian city of Loznica. This project has been a persistent political issue in Serbia due to concerns about its potential environmental impacts. Discovered in 2004, the mine’s development was halted in 2022 following mass protests. However, the government revived the project after a court ruling last month deemed the decision to revoke Rio Tinto’s permits unconstitutional.

    Serbia’s government recently signed a memorandum of understanding with the European Union, marking the initial step toward developing the country’s lithium resources. Lithium is a critical metal for electric vehicle batteries, essential for the shift towards greener automotive production. Despite this, the project remains deeply unpopular due to fears of water pollution and public health risks.

    Protesters, including 58-year-old Slobodan Stanimirovic from Radjevina near the mine’s location, have voiced their concerns, stating that the protest is about defending life in Serbia. This latest protest is part of a broader series of demonstrations across the country following the reinstatement of the mine’s licenses. Activists are urging lawmakers to enact a permanent ban on lithium and boron mining in Serbia. Environmental groups have warned of further civil disobedience and traffic blockades if the government does not respond by the 10 August deadline. Serbian President Aleksandar Vučić has assured the public that no mining will proceed without stringent environmental safety guarantees.

  • Serbia’s Energy Minister: Rio Tinto May Need Two Years to Start Jadar Lithium Project

    Serbia’s Energy Minister: Rio Tinto May Need Two Years to Start Jadar Lithium Project

    Serbia’s Energy Minister Dubravka Djedovic Handanovic announced on Friday that it could take Rio Tinto up to two years to obtain the necessary permits to begin construction on its Jadar lithium project. The project, which could become Europe’s largest lithium mine, recently had its license reinstated after being halted two years ago due to environmental protests.

    Handanovic emphasized the importance of securing approvals based on the project’s environmental impact study. She highlighted that the Jadar project is one of the largest certified reserves globally, with 158 million tonnes of lithium, accounting for 17% of Europe’s total reserves. The project, if completed, would produce 58,000 tonnes of battery-grade lithium carbonate annually, enough to power one million electric vehicles and meet 90% of Europe’s current lithium needs. This would position Rio Tinto among the top 10 global lithium producers.

    Serbia’s President Aleksandar Vučić recently stated that lithium mining in the country would not proceed without guarantees from leading global experts. He stressed that no excavation would occur until all guarantees are secured, predicting no action in the next 12 to 18 months. Meanwhile, Serbia signed agreements with the European Union and Germany granting exclusive access to Serbian lithium for EU members and major car manufacturers, following a court ruling that declared the previous revocation of the Jadar project’s license unconstitutional.

    Despite these developments, public opposition remains strong. Thousands protested last week against the Jadar project, with another major protest planned in Belgrade on Saturday. Handanovic questioned the motives behind the protests, suggesting they were more about opposing the government than genuine ecological concerns. She also noted that the project would enable Serbia to leverage its significant mineral resources, including copper, zinc, lead, gold, and lithium, by gaining access to advanced technical expertise.

  • London Stock Exchange Loses Ground as Mining Companies Opt for Overseas Listings

    London Stock Exchange Loses Ground as Mining Companies Opt for Overseas Listings

    The London Stock Exchange (LSE) has seen a decline in its standing as a preferred venue for mining company listings, falling behind major exchanges in New York, Toronto, and Sydney. According to data from S&P Global Market Intelligence shared by the Financial Times, the market capitalization of mining stocks listed on the LSE has decreased to $272 billion in 2024, down from $322 billion in 2018. In comparison, mining sectors on exchanges in Australia, Canada, and the United States each surpassed $325 billion. Since 2020, miners listed on the LSE have raised only $8 billion, significantly less than the amounts raised in Sydney and Toronto.

    Robert Crayfourd, a portfolio manager at CQS, noted that the market’s focus has shifted towards the tech sector. He emphasized the importance of London maintaining its historic role as a hub for mining stocks and finance to prevent companies from seeking other markets. Currently, there are 171 metals and mining companies listed on the LSE, accounting for 17% of the global market capitalization for the sector. However, much of this value is concentrated in a few major firms such as Glencore, Rio Tinto, and Anglo American. Over 100 of these LSE-listed companies have market capitalizations of less than £100 million ($128 million).

    London’s mining sector has faced challenges, including the delisting of Russian gold producers in 2022 following the Ukraine invasion, and BHP‘s decision to move its primary listing to Australia. Activist investors are pressuring Rio Tinto to follow BHP’s lead, Glencore is considering spinning off its coal division for a New York listing, and Anglo American is selling assets after avoiding a takeover by BHP. With Rio Tinto currently being the ninth-largest company on the FTSE 100, losing Anglo American or Glencore would pose a significant risk to the London market, according to Hayden Bairstow, a Perth-based analyst at financial advisory firm Argonaut.

  • Thousands Protest in Serbia Against Rio Tinto’s Controversial Lithium Mining Project

    Thousands Protest in Serbia Against Rio Tinto’s Controversial Lithium Mining Project

    In a significant display of public dissent, thousands of protesters rallied on Monday in Sabac, Serbia, voicing strong opposition to the proposed Rio Tinto lithium project. The project, located in Serbia’s lush western region of Jadar, aims to extract lithium—a critical material essential for the batteries used in electric vehicles and mobile devices. Despite its importance, the project has sparked widespread concern among environmental activists and local residents, who fear it could cause irreparable environmental damage.

    The demonstrations in Sabac, a city situated about 50 kilometers northeast of the proposed mine site, were part of a broader wave of protests sweeping across the country. Activists, including Biljana Stepanovic from the Proglas (Proclamation) rights organization, addressed the crowd, emphasizing the importance of environmental preservation over technological advancement. “We cannot live without clean air and water, but we can live without lithium batteries and electric cars,” Stepanovic proclaimed, echoing the sentiments of many who attended the rally.

    The opposition to the Jadar project is not new. Last week, similar protests were held in several towns across Serbia, and the movement is expected to continue growing. On the same day as the Sabac rally, protests were also organized in three other towns in central Serbia. Demonstrators are demanding the cancellation of the project, citing concerns over air and water quality and the broader ecological impact.

    Earlier this month, the Serbian government reinstated Rio Tinto’s license to develop what could become Europe’s largest lithium mine, reversing a decision made over two years ago following intense protests by environmental groups. This decision has reignited public outcry, with many questioning the motives behind the government’s reversal. On July 19, a significant development occurred when Serbian President Aleksandar Vucic, German Chancellor Olaf Scholz, and EU energy chief Maros Sefcovic signed an agreement regarding access to raw materials mined in Serbia. Despite reassurances from Scholz that the project would proceed only if it meets EU environmental standards, skepticism remains high among the public.

    In response to growing concerns, President Vucic announced that a referendum on the project’s future would be organized by the end of 2025. However, at the Sabac rally, protesters expressed deep distrust in these assurances, with one protester, Sinisa Todorovic, a 52-year-old salesman, stating, “With this project, there will be no future… This means death for the people.” Various green groups have issued a stern warning that they will escalate their actions, potentially blocking major railroads and junctions in August if the government does not halt the project.

    The controversy surrounding the Rio Tinto lithium project highlights the tension between economic development and environmental preservation, a debate that is increasingly coming to the forefront in global discussions about sustainable practices and climate change.

  • Rio Tinto’s Serbian Lithium Project: A Major Boost for Economy and Jobs

    Rio Tinto’s Serbian Lithium Project: A Major Boost for Economy and Jobs

    Rio Tinto’s ambitious lithium project in Serbia is projected to attract 6 billion euro ($6.5 billion) in investments and create 20,000 jobs, according to Goran Vesic, Serbia’s infrastructure minister. Vesic revealed in an interview with local TV Happy that the country aims to become a key player in the battery and electric car manufacturing industry, with facilities set to utilize domestic lithium. Serbia secured a total of 4.5 billion euro in investments in 2023, showcasing its growing economic potential.

    Addressing environmental concerns, Vesic emphasized that the Serbian government demands the highest ecological standards for the $2.55 billion Jadar project. Rio Tinto is required to submit an environmental impact assessment study for the mine. Vesic highlighted the significance of a recently signed memorandum of understanding between Serbia’s government and the European Union (EU), marking a pivotal moment in the country’s EU accession process. This agreement follows the reinstatement of permits for Rio Tinto’s lithium mine in the Jadar Valley, which had previously sparked protests over environmental issues.

    Serbia’s president, Aleksandar Vucic, noted in a recent interview that the mine is expected to produce 58,000 tons of lithium per year, potentially supporting 17% of EV production in Europe, or about 1.1 million cars annually. The jadarite reserve, discovered by Rio in 2004, is set to become a cornerstone of Serbia’s industrial future, with plans for an underground mine to be completed by 2026.

  • Mercedes-Benz and Stellantis in Talks with Serbia for Lithium Processing and EV Battery Production

    Mercedes-Benz and Stellantis in Talks with Serbia for Lithium Processing and EV Battery Production

    Mercedes-Benz Group AG and Stellantis NV are in discussions with the Serbian government to invest in lithium-processing and EV battery production, potentially supporting what could become Europe’s largest lithium mine. These carmakers, already partners in a battery joint venture, are considering following Rio Tinto Group‘s investment in the proposed $2.4 billion mine in Serbia by developing processing and EV battery output, according to sources familiar with the situation.

    These discussions mark a significant step in reviving Rio’s Jadar mine, which was blocked two years ago following mass protests that brought Serbian cities to a standstill. Spokespeople for Mercedes and Stellantis declined to comment. The Serbian government has insisted on creating a broader lithium industry rather than merely exporting the raw material, aiming to capture more value from its natural resources.

    Approval of the mine would be a substantial boost for Rio Tinto, Serbia’s economy, and Europe’s efforts to secure essential raw materials for the energy transition. The European Union relies heavily on imports for battery production and has been striving to develop its own EV supply chain to reduce dependency on Asian imports. However, delays in the EV transition have resulted in several battery projects being postponed.

    Mercedes and Stellantis, for instance, have paused two of their three planned European battery plants due to lower-than-expected vehicle demand. Despite efforts to cultivate European battery champions, the industry remains dependent on a raw materials supply chain dominated by China.

    On Friday, Serbia will sign a framework agreement with the EU on mineral raw materials, President Aleksandar Vucicannounced. This agreement aims to establish a processing industry and battery manufacturing sector, ensuring materials and EVs produced in Serbia qualify for sale in the EU without incurring levies.

    Executives from the car companies are expected in Serbia on Friday during German Chancellor Olaf Scholz‘s visit, possibly to sign letters of intent to develop Serbia’s industry. Executives from Rio Tinto are also anticipated to attend. Rio’s project seemed doomed in early 2022 when the government moved to block it. The company announced the project in 2021 without securing all necessary licenses, leading to widespread protests.

    Despite setbacks, Rio Tinto continued engaging with local communities to address environmental concerns and sought support from Europe’s top carmakers. Vucic, a dominant political figure in Serbia, has repeatedly expressed regret over halting the project, viewing it as a missed economic opportunity. Recently, he indicated that authorities might allow Rio Tinto to resume preparations to open the mine by 2028. This effort gained momentum last week when Serbia’s constitutional court overturned the 2022 government decree blocking the project.

    The resumption of the project would be a significant victory for Rio CEO Jakob Stausholm, who had sanctioned the mine early in his tenure.