This Morning in Metals: Rio Tinto commits $2.4B in funding for Serbia lithium project
This morning in metals news: miner Rio Tinto said it had committed funding of $2.4 billion toward the Jadar lithium-borates project in Serbia; meanwhile, the U.S. international trade in goods deficit rose in June; and, finally, the United States International Trade Commission determined imports of metal lockers from China materially injure U.S. industry.
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Rio Tinto commits funding for Jadar lithium project
Rio Tinto announced this week that it had committed $2.4 billion in funding toward the Jadar lithium-borates project in Serbia.
“The Jadar project would scale up Rio Tinto’s exposure to battery materials, and demonstrate the company’s commitment to investing capital in a disciplined manner to further strengthen its portfolio for the global energy transition,” the miner said.
“Jadar will produce battery-grade lithium carbonate, a critical mineral used in large scale batteries for electric vehicles and storing renewable energy, and position Rio Tinto as the largest source of lithium supply in Europe for at least the next 15 years. In addition, Jadar will produce borates, which are used in solar panels and wind turbines.”
US trade deficit rises in June
According to Census Bureau figures released today, the U.S. international trade deficit rose 3.5% from May to June.
The deficit reached an estimated $91.2 billion last month.
June exports came in at a value of $145.5 billion. Meanwhile, imports came in at a value of $236.7 billion.
USITC votes on metal lockers from China
Lastly, the United States International Trade Commission (USITC) yesterday determined imports of metal lockers from China materially injure domestic industry.
“The United States International Trade Commission (USITC) today determined that a U.S. industry is materially injured by reason of imports of metal lockers from China that the U.S. Department of Commerce (Commerce) has determined are subsidized by the government of China and sold in the United States at less than fair value,” the USITC said in a release.
As a result, the Department of Commerce will issue antidumping and countervailing duty orders for the product.
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