Rio Tinto Not Losing Hope in Jadar Project – Government’s Consent and Community’s Acceptance Necessary, CEO Claims

The management of Rio Tinto has approved the biggest mining project in the world in western Africa, stated the company’s CEO, Jakob Stausholm. He also said for the Financial Times that Rio Tinto had not lost hope in the development of the Jadar lithium project in Serbia, which, as he emphasized, requires the government’s consent, but also the acceptance of the social community.

Rio Tinto will invest USD 6.2 billion in the project of a mine, railroad and port in Guinea, in partnership with at least seven other companies, including five from China.

– The management yesterday approved the biggest mining project in the world – Stausholm said for the Financial Times.

The Chinese partners owned by the state, including Chinalco, the biggest aluminum manufacturer in the world, and Baowu, the biggest steel manufacturer in the world, are yet to get the final approval for investments from Beijing, but Stausholm said that he was “very sure” that it would happen not long after.

Although the prices of raw materials, like iron, aluminum, copper and lithium, are lower, Stausholm claims that he has strengthened the company during his three-year mandate as the CEO.

– I am very satisfied that, at Rio Tinto, we now can, in a less restricted way, use the opportunities in this world – he said.

In addition to the project in Guinea, Rio Tinto also plans to increase the production in the underground copper mine Oyu Tolgoi in Mongolia, with the aim of producing 500,000 tons of metal a year from 2028.

Stausholm said that the outlooks regarding the demand were improving for copper and aluminum, and that the interest of China in iron, the key material for the production of steel, had not dropped.

Stausholm added that Rio Tinto had not lost hope in the development of the Jadar lithium project in Serbia, after, as he said, the government withdrew the company’s permits in 2022 due to the environmental protests.

– Needless to say, you need consent from the government, and you need a social permit in the sense of the community’s acceptance – Stausholm said.

Rio Sava Exploration d.o.o. Beograd

Rio Tinto Exploration Dunav d.o.o. Beograd

Rio Tinto

Chinalco

Baowu

Jakob Stausholm

Jadar

lithium mine

lithium

Guinea

lithium mining

lithium excavation