Rio Tinto (RIO-0.4%) says it is delaying the timeline for first production from its planned $2.4B lithium mine in Serbia by at least a year to 2027, citing slow progress in obtaining licenses needed to complete a crucial environmental assessment.
The project in the Jadar valley would position Rio Tinto as Europe's largest lithium supplier for at least next 15 years, but it has faced opposition from activists and local communities over fears of environmental damage.
The Serbian government has said it will decide whether Rio can proceed with the project after the general election in April.
Serbia's ruling SNS party has favored the project and is expected to win the election, but a series of protests has brought thousands of people to the streets against the mine.