EU and Serbia Sign Lithium Mining Agreement

Serbia signed a historic deal with the EU, allowing Rio Tinto to mine lithium in the Jadar Valley, potentially supplying nine-tenths of Europe's lithium needs. The agreement aims to bolster Europe's economic security and reduce reliance on Chinese lithium imports for carmakers like Mercedes-Benz and Stellantis. Despite environmental concerns and local opposition in Serbia, the deal signifies a major foreign investment and the establishment of a lithium supply chain for electric vehicles. German Chancellor Olaf Scholz emphasized the importance of environmental standards and securing Europe's independence in the supply of raw materials, highlighting the strategic significance of the project.