President Vucic, German Chancellor Scholz and European Commission Executive Vice-President Sergejevic have signed a cooperation agreement on a lithium deal in Belgrade that will give the European automotive industry the right to use lithium mines in Jadar, entrusting Rio Tinto to extract the ore, with a number of automotive giants given the right of first refusal, in a project valued at $2.4 billion, it has been reported.

The project was previously blocked by public concerns about the environment, and was not put back on the agenda until July 10, when a court ruled that the government's decision to revoke the mining license was illegal. Chinese companies were interested in the project, but Vucic ultimately chose the European Union, saying that Serbia was loyal to Europe because it wanted to use the project to manage its relations with the EU in order to boost its economy and resolve the situation in Kosovo, among other issues.

However, despite Vucic's rejection of Chinese companies, China also has a backhanded approach. Rio Tinto, which is responsible for the original mine, has Aluminum Corporation of China as its largest single shareholder. Without China's participation, this lithium mine deal is difficult to realize.