Rio Tinto (RIO-3.7%) says it commits $2.4B to development of the Jadar lithium borates project in Serbia, one of the world's largest greenfield lithium projects, scaling up the company's exposure to battery materials.
Rio says Jadar will position it to become the largest source of lithium supply in Europe for at least the next 15 years.
First saleable production is expected in 2026, and the mine is expected to produce 58K metric tons/year of lithium carbonate, 160K mt/year of boric acid and 255K mt/year of sodium sulphate, making Rio one of the world's 10 biggest lithium producers.
The company says next steps for the project are seeking an exploitation license and receipt of regulatory approvals.