BHP Drops Eight Copper-Gold Licences in Eastern Serbia, Keeps Two Projects

Global mining group BHP has ended its option agreements on two copper and gold exploration projects in eastern Serbia, handing eight exploration licences back to its Canadian partner Mundoro Capital, eKapija and the Beta news agency reported on Friday, 13 November, citing a Mundoro statement. The licences cover the Central Timok and Borsko projects, an area of 458.5 square kilometres with more than 20 exploration targets. They return fully to Mundoro with no further obligations to BHP.

Why BHP pulled out of Central Timok and Borsko

The decision followed this year's field campaign, in which 4,438 metres were drilled at four target locations. Laboratory analysis of the cores found no copper or gold concentrations significant enough to justify further investment at this stage, although the geological data point to possible deeper porphyry systems, according to the reports.

From January 2023 to the end of September 2026, BHP spent 18.9 million Canadian dollars (about 12 million euros) on exploration in Serbia. Of that, 8 million Canadian dollars (about 5.1 million euros) went into the two projects it is now leaving. Mundoro said it would offer five drill-ready targets, including Borsko Target 1 and sites at Tilva Rosh and Skorusa, to new partners.

South Timok and Trstenik remain

BHP keeps its options on the South Timok and Trstenik projects, where it has invested 10.9 million Canadian dollars (about 6.9 million euros). Minimum spending obligations there have been met, and approved budgets and work programmes run until 30 June 2027. If BHP later acquires those deposits, Mundoro would keep a 2% net smelter return royalty on future production.

A new shareholder for Mundoro

Separately, Canadian gold producer Centerra Gold has agreed to buy a 9.9% stake in Mundoro for about 4.1 million Canadian dollars (about 2.5 million euros), according to eKapija. Mundoro said the money would fund further exploration in the region.

Eastern Serbia, around Bor and Zaječar, is the country's main copper belt and has drawn growing interest from international explorers, alongside local concerns about the environmental impact of mining.