Rio Tinto shares fall after the closure of Serbian lithium project

The Australian-British concern Rio Tinto, a leader in the discovery, extraction, and development of mineral resources records a decrease in the shares’ value on Friday. Concerns about possible environmental damage from the company’s lithium mining activities led to the revocation of its license to explore Serbian lithium. This decision was made by the Serbian authorities in connection with the upcoming general elections in the country. Among the reasons for the license revocation are also the worsened relations with the Australian authorities after the deportation of the Serbian tennis player Novak Djokovic, who violated the rules of entry into it. The revocation of Rio Tinto’s license undermines its plans to become the lithium world’s leading producer, which is an important element in the production of batteries for electric vehicles. The company had high hopes for developing the Serbian mine, as it was the only one it had, and it was about to acquire a second such asset for $825 million, which it announced in December last year. Rio Tinto shares fell 4.1% in the session.

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Arseny Kudrin

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