Rio Tinto has invested approximately €640 million in Serbia’s Jadar lithium project, but development remains suspended, with the project currently in care and maintenance. Rio Tinto’s own reporting confirms that Jadar has been moved to care and maintenance and remains a 100%-owned Serbian project.
Financial statements from Serbian subsidiary Rio Sava Exploration show a substantial reduction in development spending during 2025. Capital expenditure declined from RSD 2.25 billion to RSD 6.9 million, equivalent to less than €60,000, while financial support from Rio Tinto fell from RSD 10.5 billion to RSD 4.1 billion. Some project permits are due to expire in the first half of 2027, creating a requirement to address their status as the project remains suspended.
Reduced Spending and Project Preservation
Rio Sava’s cash holdings decreased to RSD 548.5 million, or about €4.7 million, from RSD 2.74 billion at the end of 2024. Payments to foreign suppliers increased twelvefold to approximately RSD 3 billion, while staff costs reached RSD 1.52 billion, largely reflecting severance payments as the company reduced its workforce and changed management.
Rio Sava recorded an operating loss of €50 million for 2025. At the same time, the subsidiary continued technical and corporate work, spending close to €19 million on technical studies, analysis and other project services and approximately €17.5 million on consulting, related-party and other intangible services. Rio Tinto’s current reporting shows that the Jadar development includes an underground mine, associated infrastructure and equipment, and a beneficiation and chemical processing plant.
Capital Invested in Jadar
Rio Tinto has provided its Serbian subsidiary with approximately €200 million in share capital and around €436 million in additional capital reserves. Accumulated losses have reached approximately €604 million, reflecting expenditure on exploration drilling, metallurgical studies, engineering, environmental work, land acquisition, consultants, legal advisers, employees and community programmes.
Approximately €36 million remains recorded as project-related assets. This includes about €16.2 million in land and properties in the Jadar Valley and €19.4 million in intangible assets, including technology for processing lithium- and boron-bearing material. Rio Tinto has previously described Jadar as one of the world’s largest greenfield lithium projects. Its 2021 development plan envisaged a $2.4 billion investment, subject to the necessary approvals, permits and licences.
Lithium and Borate Development Plans
The planned Jadar operation was designed as an integrated mining and processing project producing battery-grade lithium carbonate and borates. Rio Tinto’s earlier project plans targeted approximately 58,000 tonnes per year of battery-grade lithium carbonate at full ramp-up.
The project was designated a Strategic Project under the EU Critical Raw Materials Act in June 2025. Rio Tinto also continued the application process for an Exploitation Field Licence, which the company identified as necessary for fieldwork including detailed geotechnical investigations. Rio Tinto’s current public materials continue to describe the project as being in Serbia and under 100% ownership, while noting its care-and-maintenance status.
Funding for Serbian Operations
Rio Sava has classified approximately RSD 1.21 billion of remaining obligations as short-term liabilities and has cleared its long-term liabilities. Rio Tinto has allocated a further €24 million to support Serbian operations in 2026, allowing the Serbian subsidiary to maintain its activities while the project’s regulatory status remains unresolved.
The company continues to retain the land, technical studies, processing technology and other assets accumulated during the exploration and development phases. Rio Tinto’s historical project documentation states that the Serbian government cancelled the Jadar Spatial Plan in January 2022, after which related permits were revoked. The company subsequently stated that it was reviewing the legal basis and implications of the decision.
