08:29 AM EST, 11/13/2025 (MT Newswires) -- Rio Tinto (RIO) is shutting down its long-delayed Jadar lithium project in Serbia valued at over $2 billion, multiple media outlets reported Thursday.

Although the mine was designated as a strategic project by the EU this year, the mining firm has faced challenges progressing the project, including opposition from local communities and suspected Russian disinformation, the Wall Street Journal reported.

The decision comes after CEO Simon Trott took over the company's helm from Jakob Stausholm in August, promising to cut costs, the reports said.

Rio Tinto did not immediately reply to a request for comment from MT Newswires.