Serbian Parliament Doesn't Pass Lithium Ban, Keeps Rio Tinto's Major Project Alive
Serbian Parliament Doesn't Pass Lithium Ban, Keeps Rio Tinto's Major Project Alive
The Jadar deposit, discovered in 2004, is one of the largest lithium deposits in the world. According to estimates, it contains 118 million tons of ore grading 1.8% lithium oxide in mineral form.The Serbian parliament didn't accept the opposition's proposal to modify the country's mining law to ban the exploration and exploitation of lithium and boron. Such a decision would have ended Rio Tinto's (NYSE:RIO) multi-billion dollar Jadar project.
塞爾維亞議會未接受反對派修改國家採礦法案的提議，以禁止鋰和硼的勘探和開採。這樣的決定將終結力拓（紐交所：RIO）數十億美元的賈達爾項目。
After a four-day discussion, the 214 members voted as follows: 84 voted yes, 128 voted no, two didn't vote.
經過四天的討論，214名議員投票如下：84票贊成，128票反對，兩票棄權。
"Forbidding exploration and exploitation of lithium and other mineral goods would create ripple effects, not only in Serbian economy but in its geopolitical positioning, "said Minister of Mining and Energy Dubravka Dedovic Handanovic, per Slobodna Evropa's report.
「禁止對鋰和其他礦產進行勘探和開採將產生連鎖效應，不僅影響塞爾維亞經濟，還會影響其地緣政治定位，」礦業和能源部長杜布拉夫卡·德多維奇·漢達諾維奇（Dubravka Dedovic Handanovic）在Slobodna Evropa的報道中表示。
The Jadar deposit, discovered in 2004, is one of the largest lithium deposits in the world. According to estimates, it contains 118 million tons of ore grading 1.8% lithium oxide in mineral form.
2004年發現的賈達爾礦牀是世界上最大的鋰礦牀之一。據估計，其中含有11800萬噸礦石，礦石中氧化鋰的平均含量爲1.8%。
However, its unique mineral form also creates issues for extraction technology, making the latest direct lithium extraction (DLE) advancements inapplicable.
然而，其獨特的礦物形態也給提取技術帶來問題，使最新的直接氫氧化鋰（DLE）技術進步無法適用。
Faced with large environmental protests, the government revoked licenses in January 2022 before reinstating them earlier this year. Still, environmentalists' backlash remains despite Rio Tinto's guarantees that the project will be subject to stringent environmental requirements and compliant with Serbian and EU regulations.
面對大規模的環保抗議，政府於2022年1月撤銷了許可證，但在今年早些時候重新頒發了許可證。儘管力拓保證該項目將受到嚴格的環境要求並遵守塞爾維亞和歐盟的法規，但環保主義者仍在反對。
Even if everything goes right, mines take time to develop, and it is unlikely Rio Tinto will start production in Serbia before 2028. Thus, its latest acquisition of Arcadium (NYSE:ALTM) makes sense.
即使一切順利，礦山的開發需要時間，力拓在2028年之前不太可能在塞爾維亞開始生產。因此，它最近收購Arcadium（紐交所：ALTM）是合理的。
Arcadium has a global operation spanning five continents. It has lithium assets in Australia and Argentina, alongside downstream conversion assets in the U.S., China, Japan, and the U.K.
Arcadium在五大洲擁有全球營運。除澳大利亞和阿根廷的鋰資源外，在美國、中國、日本和英國還擁有下游轉化資產。
Geographical diversity aligns with Rio Tinto's global orientation, giving it a presence in Argentina—a rapidly growing lithium market—while also strengthening its domestic assets. Furthermore, with Rio Tinto's technical expertise, Arcadium's 75,000-ton production capacity could grow as much as 130% by 2028.
地理多樣性與力拓的全球化發展戰略相一致，在阿根廷擁有業務，且在快速增長的鋰礦市場上具備一定存在感，同時加強其國內資產。此外，憑藉力拓的技術專長，Arcadium的7.5萬噸產能到2028年有望增長130%。
Meanwhile, initial production estimates placed Serbia's Jadar at 58,000 tons. Thus, a 90% premium to market cap with $6.7 billion in cash for Ardacium's assets and technology seemed like a good bet, especially given its enterprise value of $10.6 billion at the time of its creation and the lithium's current price, which is over 80% off its 2022 highs.
同時，最初的生產估計使塞爾維亞的Jadar行動初期的產量達到5.8萬噸。因此，在67億美元的現金資產購買Ardacium的資產和技術，比市值高出90%，尤其是在其創立時的企業價值爲106億美元的情況下，以及鋰礦目前的價格，已比2022年高點下跌超過80%，這似乎是一個不錯的押注。
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譯文內容由第三人軟體翻譯。
