Rio Tinto hunts for lithium deals, eyes Jadar revival

Rio Tinto (ASX, LON, NYSE: RIO) said on Tuesday is actively searching for lithium assets as its expects prices for the metal used in the making of batteries that power electric vehicles (EVs) to remain high for a “long period of time”. 

The company had to shelve its proposed $2.4 billion Jadar lithium mine in Serbia early this year after the government revoked the project’s licences. 

In a presentation posted on its website, Rio confirmed it has not scrapped Jadar completely as it still considers the project as part of its portfolio and said it intends to de-risk the development process.

The world’s second largest miner also said it was pursuing “organic and M&A growth opportunities” in the lithium sector.

Serbian Prime Minister Ana Brnabic was quick to throw cold water over Rio’s plans, saying she didn’t see any possibility to revive the lithium-borat project, local news site Nova reported.