Miner Rio Tinto Mothballs $3 Billion Serbian Lithium Project

Rio Tinto Group has mothballed its $2.95 billion Jadar lithium project in Serbia, the latest in a series of moves under the miner’s new chief executive officer to streamline its operations and cut costs.

Rio’s management announced earlier this week that the project would be placed into “care and maintenance” as part of efforts to simplify the portfolio and “prioritise near-term opportunities,” according to an internal memo seen by Bloomberg. A spokesperson for the world’s second-largest miner confirmed the note’s contents but declined to comment further.