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Australia's new target is Serbian copper

Australian mining company BHP targeted Serbian copper.

Australia's new target is Serbian copper
Australian mining company BHP has agreed with Canadian investor Mundoro Capital to jointly develop three copper deposits in the Timok region of eastern Serbia.
All three golden-copper-porphyry deposits are part of the Timok igneous complex and belong to the Mundoro Capital. The agreement allows BHP to take partial or complete control of the resources being investigated.
To do this, the company will pay Mundoro Capital a royalty of $1.7 million annually over three years, $9 million after achieving each goal of the roadmap, and 2% of the net profit of the future copper complex. Drilling will begin in March 2023.
BHP has repeatedly stated that it plans to add copper and nickel assets to the company's portfolio, although its largest revenue is the sale of iron ore. Notably, in December 2022, BHP completed one of the biggest deals in the last decade by purchasing it for $6.4 billion.


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