Vučić preparing 'green light' for Rio Tinto mine in Jadar

(Patria) - Serbian President Aleksandar Vučić is preparing to give the 'green light' to Rio Tinto, which plans to open Europe's largest lithium mine in Serbia, the FINANCIAL TIMES (FT) magazine has reported.

Vučić told the FT that 'new guarantees' from Rio Tinto and the European Union appear ready to address Serbia's concerns about whether the necessary environmental standards will be met at the Jadar site, Reuters reported.

The agency noted that the company did not immediately respond to a request for comment.

'If we deliver everything, (the mine) could open in 2028,' Vučić told the FT, adding that the mine is projected to produce 58,000 tonnes of lithium per year, which would be 'enough for 17 percent of electric vehicle production in Europe – roughly 1.1 million cars.'

In 2022, Serbia halted the $2.4 billion Jadar project following massive environmental protests.

If completed, the project could supply 90 percent of Europe's current lithium needs and help Rio Tinto become a leading lithium producer, Reuters notes.