Rio Tinto is revising the capital cost of its Serbian Jadar lithium project, which the European Commission recently designated as one of 13 strategic critical material projects, Chad Blewitt, managing director of the mine, told Reuters on Wednesday.
Previously estimated at over €2.55 billion ($2.91 billion), the project’s updated cost will reflect compliance with stringent EU environmental and human rights standards. Blewitt did not provide a new cost estimate or timeline, noting that Rio Tinto must first secure a field exploitation license before finalizing the project schedule.
The Jadar project, initially slated to begin production in 2027, has faced strong opposition from environmental groups and local communities. Protests in 2022 led to the Serbian government revoking Rio Tinto’s exploration licenses, though this decision was overturned by the Constitutional Court last year.
Rio Tinto, which has recently expanded its lithium portfolio with major acquisitions in the US and Chile, views Jadar as a key asset that could supply up to 90% of Europe’s current lithium demand—a critical component for electric vehicle batteries.
Despite market uncertainties and opposition threats to block infrastructure if the project proceeds, Blewitt emphasized the importance of public consultations and scrutiny, framing Jadar as a vital step for Serbia in the green and digital transition.
