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LONDON--(BUSINESS WIRE)-- Rio Tinto has approved an additional investment of almost $200 million to progress the next stage of the development of the lithium-borate Jadar project in Serbia. This will primarily fund the feasibility study, including the completion of detailed engineering designs, as well as permitting and land acquisition by the end of 2021, in line with the initial project schedule.
Rio Tinto Energy & Minerals Chief Executive Bold Baatar said “Rio Tinto’s lithium project pipeline is an important part of our vision to pursue opportunities which are part of the transition to a low-carbon future. We look forward to working closely with the Government of Serbia over the next eighteen months as we develop and validate our understanding of the project to the point when we can seek a final investment decision by the Board of Rio Tinto.”
The Jadar deposit contains high-grade mineralisation of boron and lithium supporting a long-life operation in the first quartile of operating costs for both products. The unique mineral, Jadarite was discovered by Rio Tinto geologists in 2004 near the city of Loznica in Western Serbia.
The company completed the detailed exploration of the Jadarite deposit in February 2020. The results of the drilling programme are now being incorporated into an update of the geological model. This update will facilitate a JORC Reserve declaration as part of the feasibility study and also a submission of Elaborate on Reserves, in accordance with the Serbian mineral code.
The development includes an underground mine, an industrial processing facility and all associated infrastructure. The project has the potential to supply the world with a significant amount of end-industrial products for lithium batteries for electric vehicles and energy storage facilities. It would also supply borates which are used in the manufacturing of detergents, cosmetics and other consumer goods.
In parallel, Rio Tinto has also started work on the commissioning of its lithium demonstration plant in the United States, which is extracting lithium from waste rock at its Boron mine in California. This plant could potentially produce 10 tonnes per year of lithium-carbonate needed in rechargeable batteries for electric vehicles and consumer electronics.
Contacts media.enquiries@riotinto.com riotinto.com
View source version on businesswire.com: https://www.businesswire.com/news/home/20200730005571/en/
Media Relations, United Kingdom Illtud Harri M +44 7920 503 600 David Outhwaite T +44 20 7781 1623 M +44 7787 597 493 Media Relations, Americas Matthew Klar T +1 514 608 4429 Media Relations, Asia Grant Donald T +65 6679 9290 M +65 9722 6028 Media Relations, Australia Jonathan Rose T +61 3 9283 3088 M +61 447 028 913 Matt Chambers T +61 3 9283 3087 M +61 433 525 739 Jesse Riseborough T +61 8 6211 6013 M +61 436 653 412 Investor Relations, United Kingdom Menno Sanderse T: +44 20 7781 1517 M: +44 7825 195 178 David Ovington T +44 20 7781 2051 M +44 7920 010 978 Investor Relations, Australia Natalie Worley T +61 3 9283 3063 M +61 409 210 462 Amar Jambaa T +61 3 9283 3627 M +61 472 865 948 Rio Tinto plc 6 St James’s Square London SW1Y 4AD United Kingdom T +44 20 7781 2000 Registered in England No. 719885 Rio Tinto Limited Level 7, 360 Collins Street Melbourne 3000 Australia T +61 3 9283 3333 Registered in Australia
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Source: Rio Tinto
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