On October 6, 2024, the weekly Radar published an article titled “From Lithium to Every Resident 2.6 Euros per Year.” The piece presented a study on the economic effects of the Jadar project, authored by Zoran Drakulić and economists Boško Mijatović, Danica Popović and Dejan Šoškić. In response, Rio Tinto issued a statement saying the study was misleading and manipulated facts. It disputed, in particular, the claim that “Serbia would collect 2.6 euros per capita per year from lithium.”
Disputed per-capita revenue and tax-and-rent estimates
Rio Tinto said the calculations in the study were incorrect and misleading. The company argued that the projected income presented in the study is far below its own expectations for public revenues. It stated that Serbia could receive over 180 million euros annually from taxes and mining rents alone. Over the project’s lifespan, Rio Tinto said this could total more than 4.8 billion euros, rather than the 695 million euros figure cited in the study.
Projected GDP contribution and employment figures
The statement also described expected broader economic effects of the Jadar project. Rio Tinto estimated that indirect and induced impacts would produce a GDP contribution of approximately 1.9 billion euros. It said this would equate to over three percent of Serbia’s current GDP. The company projected around 3,500 jobs during construction and about 1,300 permanent positions, with salaries described as competitive.
Investment scale, local procurement, and supplier spending
Rio Tinto said its planned investment of 2.55 billion euros is among the largest industrial greenfield investments in Serbia’s history. The company added that it would prioritize local suppliers for procurement related to the project. It projected annual expenditure of over 300 million euros, with 70 percent directed to Serbian businesses.
Tax guidance under OECD rules and infrastructure financing claims
The statement addressed questions about Rio Tinto’s tax obligations. It said the company is required to follow OECD tax guidelines, which include a minimum corporate tax rate. Rio Tinto also refuted claims that the Serbian government provided substantial financial support for infrastructure. It said it would finance necessary environmental measures independently.
Call for engagement on economic and environmental aspects
Rio Tinto said stakeholders should rely on official sources and take part in transparent discussions about the Jadar project. The company reiterated its commitment to high environmental standards. It invited critics to engage in dialogue about both the economic and environmental aspects of the project.