Canadian mining company Mundoro Capital Inc. has finalized an option agreement with a firm owned by Australian corporation BHP Group Limited, granting BHP the opportunity to acquire a stake in seven of Mundoro’s exploration licenses in Serbia.
The agreement covers the Central Timok project near Zaječar, including the Skorusa copper-gold porphyry system, Tilva Roš, which produced 12 meters grading 30.39 g/t gold and 171.27 g/t silver from trenching, and sites such as Markov Kamen, Orlovo, D-vein, Prekostenski, Zlot 1, 2, and 3, Bukova, Tilva Mare, Glavica, Bačevica Sever, Gorunov, Oblez SE, and Branik, totaling 418 square kilometers.
Under the agreement, BHP has a 10-year option to acquire 100% of the Central Timok project by funding a total of USD 35 million in exploration. Mundoro will continue to manage the project and retain a 2% royalty on metal sales after the option is exercised. Mundoro has been exploring for copper, gold, and other metals in the Timok region of Serbia since 2011.
This is not the first collaboration between Mundoro and BHP in Serbia. In January 2023, Mundoro signed an option agreement giving BHP the chance to acquire ownership in three Serbian copper projects—Borsko Jezero, Južni Timok, and Trstenik exploration area—by paying approximately USD 1.7 million in cash, covering operational fees to Mundoro over three years, and financing USD 7.5 million in exploration costs. BHP also established a Serbian subsidiary, BHP Metals Exploration doo, wholly owned by BHP.
Mundoro CEO Teo Dečev stated that the latest agreement expands strategic collaboration with BHP, focusing on exploring additional licenses in the highly prospective Timok region, known for its copper porphyry systems. She highlighted that combining Mundoro’s local geological expertise with BHP’s advanced global exploration methodology is expected to significantly increase the chances of new discoveries and contribute to economic development in eastern Serbia.
Mundoro and partners have invested CAD 15.4 million in the project to date.
Separately, other Australian mining firms are expanding in Serbia: Middle Island Resources recently acquired 14 exploration licenses covering 62,000 hectares, focusing on the Bobija project near a former barite mine southwest of Belgrade. Bindi Metals acquired the high-grade gold project Ravni in the Ibar valley, while Strickland Metals purchased the Rogozna gold project near Novi Pazar, which is estimated to contain substantial gold reserves and is currently undergoing exploration drilling.
