Rio Tinto's Information Center, Gornje Nedeljice(BETAPHOTO/MILAN TIMOTIC/DS)
Australian mining giant Rio Tinto has decided to postpone its excavation of lithium in Western Serbia’s Jadar river valley, Bloomberg News reported on Nov. 13, citing the company’s internal correspondence.
The memo Bloomberg procured was issued this week and states that so-called Project Jadar will be put on “care and maintenance status” due to the company’s inability to acquire necessary permits and unwillingness to continue spending further funds and resources on the stalled mining venture.
A Rio Tinto spokesperson confirmed the content of the memo but declined to comment on it.
The decision comes at a time when Rio Tinto’s new CEO has been focusing on simplifying the ever-expanding corporation’s operations and on cutting expenditures.
The Bloomberg article went on to mention that the undertaking has faced issues for years. While the Jadar river valley is rich in lithium and boron deposits, the planned mine has met vehement opposition from locals and domestic experts alike and has spurred large-scale political protests.
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