Rio Tinto Could Start Mining Lithium

The Sydney Morning Herald reported that Rio Tinto (NYSE:RIO) may move in on the lithium space as the mineral continues to do well despite weaker prices elsewhere in the metals sector. Rio’s Hadar deposit in Serbia reportedly has lithium and boric acid potential.
As quoted in the press release:

None of the major diversified miners sell lithium, yet Rio Tinto has declared itself as a potential player in the lithium industry through a lithium-borate project in Serbia.
While it is not likely to be developed in the next year or two, Rio’s Diamonds and Minerals boss Alan Davies said the Jadar deposit in Serbia was “exciting” for its lithium and boric acid potential.
“Lithium carbonate would be new for us, but the world will need a lot more lithium in the future for electric cars,” he said.
“Hopefully we’ll be able to supply into that sector and be a strategic partner either with a car manufacturer or a battery manufacturer.”

Click here for the full press release.