Serbia's government said on Monday it has signed a memorandum of understanding with British-Australian mining group Rio Tinto related to the implementation of the Jadarmineral exploration project near the western town of Loznica.
The MoU will enable the creation of joint task groups which would oversee the study phase of the project and the process of obtaining necessary permits, the government said in a statement.
In a separate statement, Rio Tinto recalled it discovered a world-class lithium-borate deposit in the valley of the Jadar river in Serbia in 2004.
"The deposit contains Jadarite, a new mineral unique to Serbia, which has not been found anywhere else in the world. The deposit contains 136 million tonnes of declared resources," Rio Tinto said.
The company has invested some $90 million (104.8 million euro) in the development of the project so far and plans to start production in 2023,assuming that feasibility studies confirm viability and all necessary approvals are obtained, it said.
Lithium and borates are used to produce vital products like batteries for electrical vehicles, glass and ceramics, fertilisers, and many other products, the company said.
The Jadar project,wholly-owned by Rio Tinto, is expected to significantly boost Serbia's economic growth.
Rio Tinto has been active in Serbia since 2002.
(SeeNews)
