President Aleksandar Vucic told the Financial Times newspaper that “new guarantees” from the British-based company and the European Union appear to consider Serbia’s earlier concerns over whether the company would include necessary environmental standards at the site.

Lithium, which is considered to be a critical material by the EU and the U.S., is used in batteries for electric vehicles (EVs) and mobile devices.

If it goes ahead, the new mine in Jadar could supply up to 90% of Europe's lithium needs.

Vucic told the paper the mine could be open as early as 2028 and that it was expected to produce 58,000 tons of lithium per year which would be “enough for 17% of EV production in Europe — approximately 1.1 million cars.”