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RIO TINTO GROUP

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Delayed Australian Stock Exchange  -  12:43 2022-06-27 am EDT
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Rio Tinto says output from $2.4 billion Serbia lithium project to be delayed

01/17/2022 | 10:43pm EDT
The Rio Tinto mine in Boron, California

(Reuters) - Rio Tinto on Tuesday pushed back its timeline by a year to 2027 for first saleable production at its $2.4 billion Serbia lithium project, saying it faces delays in key approvals and protests over environmental concerns.

The lithium-borates project near Loznica in the western Jadar valley is slated to position the Anglo-Australian miner as Europe's largest lithium supplier for at least next 15 years amid a boom in electric vehicle sales.

The mine has faced opposition from environmental activists and local communities over concerns of environmental damage, forcing the local municipality last year to scrap a plan to allocate land for the facility.

The Balkan nation will decide whether Rio can proceed with developing the mine after a general election in April, its prime minister told Reuters earlier this month.

"We fully understand the concerns amongst some Serbian stakeholders about environmental impacts and we will continue to engage to demonstrate the project has developed mitigation solutions in the project plan," Rio said in a statement.

The news also comes as relations between Serbia and Australia have flared up after Australia deported Novak Djokovic, the world men's tennis No. 1, for being unvaccinated against COVID-19, stumping his quest for a record 21st Grand Slam title.

The Serb had himself apparently voiced support for protests against Rio on Instagram last month, according to a Twitter.

The new roadmap for Jadar was released alongside Rio's production results and 2022 output forecast.

(Reporting by Shashwat Awasthi; Editing by Subhranshu Sahu)


© Reuters 2022
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ChangeLast1st jan.
RIO TINTO GROUP 2.51% 103.885 Delayed Quote.1.29%
RIO TINTO PLC 1.62% 4989.5 Delayed Quote.1.99%
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Financials (USD)
Sales 2022 59 675 M - -
Net income 2022 18 812 M - -
Net cash 2022 2 823 M - -
P/E ratio 2022 5,41x
Yield 2022 14,1%
Capitalization 103 B 103 B -
EV / Sales 2022 1,67x
EV / Sales 2023 1,90x
Nbr of Employees 49 000
Free-Float 65,4%
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Number of Analysts 23
Last Close Price 61,19 $
Average target price 77,67 $
Spread / Average Target 26,9%
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Managers and Directors
Jakob Stausholm Chief Executive Officer & Executive Director
Peter Lloyd Cunningham Chief Financial Officer & Executive Director
Dominic S. Barton Chairman
Mark Davies Chief Technical Officer
Arnaud Soirat Chief Operating Officer
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