Rio Tinto said on Tuesday that it has committed 2.4 billion Dollars to the Jadar lithium-borates project in Serbia, pending the issuing of permits and licenses and an ongoing engagement with local communities, the Serbian government and civil society.

“Jadar will produce battery-grade lithium carbonate, a critical mineral used in large scale batteries for electric vehicles and storing renewable energy, and position Rio Tinto as the largest source of lithium supply in Europe for at least the next 15 years. In addition, Jadar will produce borates, which are used in solar panels and wind turbines,” the press release said.

It added that the project will contribute 1% directly and 4% indirectly to the country’s GDP, with many Serbian suppliers involved in the construction of the mine. “Rio Tinto will also be a significant employer, creating 2,100 jobs during construction and 1,000 mining and processing jobs once in production,” it added.

Rio Tinto Chief Executive Jakob Stausholm is quoted as saying that the company is committed to upholding the highest environmental standards and building sustainable futures for the communities where we operate,” he said and added that Rio Tinto has finalised 12 environmental studies and more than 23,000 biological, physical and chemical analyses of air and water.

Once it reaches full production in 2029, the mine will produce 58,000 tonnes of lithium carbonate, 160,000 tonnes of boric acid (B₂O₃ units) and 255,000 tonnes of sodium sulphate annually, making Rio Tinto one of the top ten lithium producers in the world. Based on this annual production of lithium carbonate, Rio Tinto aims to produce 2.3 million tonnes of lithium carbonate over the expected 40-year life of mine