All long term holders/early investors are extremely lucky to be set in what will become the biggest lithium mine on the planet by far, at the start of a MASSIVE demand for lithium.
* For Flamin' sure Fletch, No matter what the Flamin' Galah's say,
*As
Rio Tinto suspends proposed lithium mine in Serbia after protests
Protests had occurred all over Serbia in opposition to Rio Tinto’s Jadar lithium project.
Rio Tinto has suspended plans to build Europe’s largest lithium mine after sustained protests across the country in opposition to the project.
Local authorities in the Serbian town of Loznica voted to suspend a regional development plan that permitted the excavation of lithium, a vote which followed the suspension last week of two key laws in Serbia’s parliament that ecologists said would help the multinational firm start the project.
In response, Rio Tinto said in a statement that it worked in accordance with laws and the highest professional standards throughout its 10-year presence in Serbia to launch “the largest mining investment in this part of the world”.
Protests
Protests against the planned mine had been conducted throughout Serbia.
In the capital, Belgrade, protesters set up roadblocks on a major highway and bridge that links the city centre to the suburbs.
Thousands gathered on the main bridge chanting, “Rio Tinto go away from the Drina River”.
Despite the potential of the Jadar facility in providing significant amounts of lithium to the European market within Serbia, there are
fears that it could have a destructive environmental impact.
The Jadar Valley is one of Serbia’s main agricultural hubs, responsible for around a fifth of total agricultural production.
Given the dubious
record of Rio Tinto in preventing environmental degradation on their mine sites, many within Serbia have shown outright objection to the project.
The local authority’s decision to block the regional development plan will further motivate protestors to continue the movement towards Rio Tinto pulling out of the region altogether.
www.mining-technology.com
*To Remind,
Rio Tinto says 60 Jadar mines wouldn’t fill looming lithium gap
Rio Tinto joined the rising chorus of companies and analysts warning of an imminent and “significant” supply gap for lithium, as demand for the metal used in electric vehicles (EV) and green technologies continues to soar.
The world’s second-largest miner, which greenlighted
in July the
$2.4 billion Jadar lithium project in Serbia, believes the supply gap needs to be addressed “within the next ten years.”
In a
presentation to investors, Rio Tinto’s head of economics Vivek Tulpule said EV sales are on track to hit up to 55% of the world’s total light vehicles sales as early as 2030, reaching about 65 million units.
This means manufacturers would need about three million tonnes of lithium, compared with the roughly 350,000 tonnes they consume today, Tulpule noted.
Existing operations and projects combined, however, are slated to contribute one million tonnes of lithium, he said.
Rio Tinto estimates that committed supply and capacity expansions will contribute about 15% to demand growth over the 2020-2050 period. The remaining 85% would need to come from new projects.
“Filling the supply gap will require over 60 Jadar projects,” he warned.
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Expanding footprint
Over the past five years, the miner has tried to expand its footprint in the battery market. In 2018, Rio reportedly
attempted to buy a $5B stake in Chile’s Chemical and Mining Society (SQM), the world’s second largest lithium producer.
In April this year, it
kicked off lithium production from waste rock at a demonstration plant located at a borates mine it controls in California.
Rio invested $10 million to build the pilot plant that will be able to produce 10 tonnes a year of lithium-carbonate.
By the end of the year, and based on the trial’s results, it will decide whether or not to spend a further $50 million in an industrial-scale plant with annual capacity of 5,000 tonnes a year — enough for around 15,000 Tesla Model S batteries.
The projected production would be roughly the same as the capacity of Albemarle ’s Silver Peak mine in Nevada, which is currently the only lithium-carbonate producing asset in the country, according to the US Geological Survey.
www.mining.com
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