The Čoka Rakita gold project, located in the Crni Vrh area near Žagubica, is entering the final development phase, and a new feasibility study by DPM Metals (formerly Dundee Precious Metals) indicates that the deposit could become one of the most profitable in the region.
Just a year ago, a pre-feasibility study from December 2024 estimated the project’s net present value (NPV) at approximately $735 million. The latest feasibility study now shows an increased NPV of $782 million, assuming an average gold price of $1,900 per ounce (roughly $59.1 million per ton of gold).
The most striking results come from the sensitivity analysis: if the gold price were to reach $3,500 per ounce ($108.9 million per ton), the total value of the mine could almost triple to $2.2 billion. This means that under conservative assumptions, the mine remains highly profitable, while under optimistic scenarios, Čoka Rakita could rank among the most lucrative mines in the region and even Europe, according to eKapija.
The updated study estimates that the mine will produce around 41 tons of gold over its projected 10-year life, compared to the previous estimate of 37 tons. Average annual production is projected at approximately 4.6 tons, including around 5.9 tons per year during the first five years. However, initial capital costs have risen to $448 million, up from the $379 million estimated in the pre-feasibility study.
According to DPM Metals, construction is expected to begin in early 2027, with the first ore processing scheduled for the first half of 2029. Once operating at full capacity, the project is expected to create around 500 jobs, including direct employment in the mine and processing plant, as well as indirect jobs through subcontractors, logistics, service providers, and local suppliers.
The company also obtained a key regulatory document in mid-November 2025 — the Decision on the Scope and Content of the Environmental Impact Assessment (EIA) Study. This step is mandatory before the preparation of the full EIA can begin.
The Čoka Rakita deposit is estimated at 7.34 million tons of ore with a gold grade of 6.44 g/t.
