Canadian exploration company Mundoro Capital Inc. and the global mining major BHP are preparing new exploration activities targeting copper deposits in eastern Serbia’s Timok mining district, one of Europe’s most prospective copper-gold belts. The initiative reflects growing international interest in the region’s mineral resources, which have become strategically important for global electrification and the energy transition.
The planned exploration work focuses on a series of licenses within the Timok Magmatic Complex, a geological formation that hosts several large copper-gold deposits and operating mines. The project is being advanced through a partnership model in which Mundoro provides geological expertise and project generation while BHP finances exploration activities and retains the option to acquire full ownership of discovered deposits.
Under the agreement signed in October 2025, BHP can earn up to 100 percent ownership of several exploration licenses by financing approximately US$35 million in exploration expenditures over a ten-year period. Mundoro would retain a 2 percent net smelter return (NSR) royalty on any future mining production while also receiving annual option payments and operational fees during the exploration phase.
Focus On The Central Timok Copper Belt
Exploration activities are concentrated in the Central Timok and South Timok corridors, areas located near the historic Bor mining complex and several world-class deposits discovered during the past decade. These projects cover extensive license areas across eastern Serbia where geological surveys have identified anomalies consistent with large porphyry copper-gold systems.
The Timok region has emerged as one of the most important mining districts in Europe. It hosts major deposits such as Čukaru Peki, Veliki Krivelj, Majdanpek, and Bor, forming part of the broader Tethyan metallogenic belt that extends across Southeast Europe and Central Asia.
The Mundoro–BHP exploration program targets several priority zones within this geological system, including Tilva Rosh, Skorusa, Markov Kamen, and Orlovo. These areas have been identified through integrated geological mapping, geochemical surveys and geophysical imaging that indicate the presence of large mineralized systems beneath surface rocks.
One of the most advanced targets is Skorusa, where previous drilling intersected mineralization over 201.2 meters with average grades of 0.11 percent copper and 0.11 grams per tonne of gold, suggesting the presence of a large porphyry system with significant exploration potential.
New Drilling Campaign In 2026
The partners have already initiated the first drilling campaigns within the broader Timok exploration portfolio. In early 2026, Mundoro and BHP began a diamond-drilling program at the South Timok project, designed to test geophysical anomalies identified through extensive exploration work conducted during the previous two years.
The initial campaign includes approximately 2,500 meters of drilling, aimed at confirming whether the anomalies represent concealed porphyry copper systems. These anomalies are characterized by resistivity signatures associated with hydrothermal alteration and magnetic anomalies indicating intrusive bodies, geological indicators commonly linked with copper mineralization.
The South Timok exploration licenses cover roughly 306 square kilometers, located 40–70 kilometers south of the Bor mining complex, and represent the southern extension of the Timok magmatic belt.
At the same time, the companies are preparing further exploration campaigns across additional license areas, including the Central Timok project, where several high-priority targets will be drilled in the upcoming exploration season.
Strategic importance of copper for the energy transition
The renewed exploration push in Serbia reflects broader global trends in copper demand driven by electrification and renewable energy technologies. Copper is a critical material for electric vehicles, power grids, renewable energy systems and battery technologies.
An electric vehicle typically requires two to four times more copper than a conventional internal-combustion vehicle, while renewable power systems such as wind and solar installations rely heavily on copper wiring and electrical components. As a result, global demand for copper is expected to increase sharply over the next two decades, creating strong incentives for mining companies to secure new resources.
Major mining companies such as BHP, Rio Tinto, and Glencore have increasingly prioritized copper exploration in recent years. BHP has publicly described copper as one of the key “future-facing commodities” essential for the global energy transition, alongside nickel and potash.
Serbia’s growing role in Europe’s copper supply
Serbia has become one of Europe’s most important copper-producing countries, largely due to the modernization of the Bor mining complex and the development of the Čukaru Peki deposit, one of the highest-grade copper discoveries in recent decades. These projects are operated by Zijin Mining, the Chinese mining group that acquired the Bor assets in 2018.
The presence of these world-class deposits has renewed international interest in Serbia’s geological potential. Exploration companies increasingly view the Timok region as one of the most prospective areas in Europe for discovering additional large copper systems.
For Serbia, new exploration investments also carry broader economic implications. The development of additional copper deposits could reinforce the country’s position as a major supplier of strategic metals to European industry, particularly as the European Union seeks to reduce dependence on imported critical minerals.
Exploration as the first step toward new mines
Despite the promising geology of the Timok region, exploration projects remain in an early phase and the discovery of economically viable deposits is not guaranteed. Mineral exploration typically involves several stages including geological surveys, drilling campaigns, resource estimation and feasibility studies before any mining project can proceed to development.
If significant deposits are discovered, the projects would likely require substantial additional investment in mine development, processing facilities and infrastructure. Large copper mines typically involve capital expenditures ranging from hundreds of millions to several billions of euros, depending on the size and depth of the deposit.
Nevertheless, the entry of a major global mining company such as BHP into the Timok exploration landscape underscores the strategic potential of Serbia’s mineral resources. By combining Mundoro’s regional geological expertise with BHP’s financial and technical capacity, the partnership aims to unlock new copper discoveries in one of Europe’s most promising metallogenic belts.
As exploration programs advance over the coming years, the Timok region could see further drilling campaigns and geological studies aimed at identifying the next generation of copper deposits. In a world increasingly defined by electrification and renewable energy, such discoveries could play a critical role in securing the raw materials needed for the global energy transition.
