Rio Tinto announces new findings in Serbia

Rio Tinto today announced an initial ore reserve and an updated mineral resource for its wholly owned Jadar lithium borate project in western Serbia. The ore reserve is 16.6 million tons with 1.81% Li2O and 13.4% B2O3. The mineral resource underlying the first ore reserve has been updated to include additional drilling that resulted in an updated geological model. The mineral resources are reported without the ore reserves. The Mineral Resource includes 55.2 Mt Indicated Resource grading 1.68% Li2O and 17.9% B2O3 and an additional 84.1 Mt Inferred Resource grading 1.84% Li2O and 12.6% B2O3. The declaration of the resources and reserves is an important milestone on the way to the issue of a mining license, the forerunner of a construction license. Pre-feasibility studies have shown that the Jadar project has the potential to produce both battery grade lithium carbonate and boric acid. The project under study consists of an underground mine, sustainable industrial processing and waste facilities and the associated infrastructure. Jadar, one of the largest greenfield lithium projects under development, would be capable of producing around 55 thousand tons of battery grade lithium carbonate, plus 160 thousand tons of boric acid (B2O3 units) and 255 thousand tons of sodium sulfate as by-products per year. In late July 2020, the project moved into feasibility study, with an investment of nearly $ 200 million on a scale that includes detailed planning, land acquisition, workforce preparation and supplies for construction, approval and early infrastructure development includes. The feasibility study is expected to be completed in late 2021, and if approved, construction could take up to 4 years.