Europe’s electric vehicle (EV) industry could be given a boost if the Rio Tinto lithium mine in Serbia gets the green light, two years after the project was called off.

To increase the production of EVs there needs to be a ramp-up in the minerals used to produce them. Lithium is crucial as this light yet energy-dense metal is a key component of the batteries that will power these vehicles.

Lithium-ion batteries have resulted in a huge spike in demand for lithium over recent years. However, there has been speculation as to whether there will be sufficient resources to meet demand.

The International Energy Agency (IEA) has forecast that the supply of lithium by 2030 will reach 420,000 metric tons, not quite reaching the forecast demand, which is estimated at 443,000 metric tons. However, this amount is still well below the 702,000 metric tons required for net zero.

Lithium is extracted from the ground in two main ways: the lithium found in brines underground is pumped to the surface where...