A WIN FOR THE ENVIRONMENT IN EASTERN SERBIA: Australian-British mining giant abandons search for gold and copper near Bor!

Australian-British mining giant BHP has terminated its option agreements for copper and gold exploration at the Central Timok and Borsko projects in eastern Serbia, Canadian company Mundoro Capital announced.

The decision means that all eight exploration licenses, covering an area of 458.5 square kilometers and more than 20 exploration targets, are being returned to Mundoro’s full ownership, with no further obligations to its former partner, eKapija reports.

BHP’s withdrawal follows the completion of this year’s field exploration campaign, during which a total of 4,438 meters were drilled across four target areas. According to Mundoro’s official stock exchange filing, laboratory analyses of the drill cores did not reveal economically significant concentrations of copper or gold that would justify further investment at this stage, although the geological data collected point to the possible presence of deeper porphyry systems.

From January 2023 through the end of September 2026, BHP invested a total of 18.9 million Canadian dollars (approximately €12 million) in geological exploration in Serbia. Of that amount, 8 million Canadian dollars (around €5.1 million) was spent on the Central Timok and Borsko projects, which the company is now abandoning.

Mundoro says the investment enabled it to collect detailed technical data and identify five specific drill-ready targets: Borsko Target 1, Tilva Rosh North, Tilva Rosh South, Skoruša West and Skoruša East. The company will now seek new strategic partners for these sites.

Despite terminating these agreements, BHP is not withdrawing from Serbia entirely. The company is retaining its option agreements for the two remaining projects with Mundoro – South Timok and Trstenik – in which it has so far invested 10.9 million Canadian dollars (approximately €6.9 million). The minimum financial commitments for both sites have already been met, while the approved budgets and exploration programs will remain in place until June 30, 2027. If BHP decides to acquire these deposits after that date, Mundoro will retain the right to a 2 percent net smelter return (NSR) royalty on future production.

At the same time as announcing BHP’s withdrawal, Mundoro Capital confirmed on the stock exchange that a new strategic investor was coming on board. Canadian gold producer Centerra Gold has agreed to purchase a 9.9 percent stake in Mundoro for approximately 4.1 million Canadian dollars (around €2.5 million), providing fresh capital to support further exploration activities in the region.