The Western Balkans are positioned as a significant source of critical raw materials for Europe, hosting deposits of lithium, borates, copper, gold, lead, zinc, silver, chromium, bauxite, nickel, cobalt, antimony potential, and extensive legacy mining waste containing potentially recoverable strategic minerals. The region is geographically close to EU industrial markets, ports, smelters, automotive manufacturing clusters, and emerging battery supply chains.
The mining landscape spans multiple jurisdictions outside the EU, with differing permitting systems, institutional capacity, and regulatory frameworks across the region. Projects are distributed across Serbia, Bosnia and Herzegovina, North Macedonia, Albania, Montenegro, and Kosovo, involving a range of international mining companies and development-stage assets.
Serbia’s Lithium and Copper Production Base
In Serbia, the most prominent lithium development is the Jadar project, developed by Rio Tinto through Rio Sava Exploration d.o.o. Located near Loznica in western Serbia, the project is based on the jadarite mineral discovered in 2004. Planned production includes approximately 58,000 tonnes per year of battery-grade lithium carbonate, 160,000 tonnes of boric acid, and 255,000 tonnes of sodium sulphate.
The project has been estimated at different stages with investment figures including $2.4 billion (2021 commitment) and later reported capital exceeding €2.55 billion, reflecting updated environmental and regulatory requirements. In July 2024, Serbia and the European Commission signed a strategic partnership covering raw materials, battery value chains, and electric vehicles, and Jadar received Strategic Project designation under the EU Critical Raw Materials framework for non-EU projects. The asset remains under licensing and permitting uncertainty following the revocation of licences in 2022 and their later reinstatement after a Constitutional Court ruling.
Timok Belt Copper Production and Expansion
Serbia’s copper output is dominated by Zijin Mining, which operates the Bor district and the Čukaru Peki mine through Serbia Zijin Copper after acquiring the former RTB Bor complex and taking full ownership of Čukaru Peki.
Reported production from Serbian operations reached approximately 292,900 tonnes of copper and 8 tonnes of gold in 2024, increasing to around 296,000 tonnes of copper and 9.1 tonnes of gold in 2025. Expansion plans indicate potential copper output of up to 450,000 tonnes annually. The Bor district and Čukaru Peki form one of Europe’s largest copper-producing centres by volume, with operations concentrated in eastern Serbia near the border with EU supply routes.
Gold and Copper Exploration in Eastern Serbia
Exploration activity is also underway at the Čoka Rakita project in eastern Serbia, operated by DPM Metals. The project is located approximately 35 kilometres northwest of Bor. Early resource estimates reported around 1.8 million ounces of inferred gold in 9.8 million tonnes grading 5.6 g/t gold. Additional exploration across the Rakita camp outlined 2.6 million ounces of inferred gold and 1.9 billion pounds of copper across adjacent prospects. Exploration permits were renewed in March 2026, with feasibility and permitting work ongoing and potential production targeted toward the end of the decade.
Bosnia and Herzegovina’s Vareš Silver-Lead-Zinc Operation
In Bosnia and Herzegovina, the Vareš Operation is owned by DPM Metals following its acquisition of Adriatic Metals. The operation produces silver, lead, and zinc concentrates from the Rupice and Rupice Northwest deposits.
First concentrate sales occurred in 2024, with commercial production achieved in 2025. The acquisition of Adriatic Metals was valued at approximately $1.25 billion. The mine targets a throughput of 850,000 tonnes per year by the end of 2026, with 2026 guidance of 105,000–130,000 gold-equivalent ounces and all-in sustaining costs of $900–$1,050 per ounce. Earlier project material indicated an operating life of approximately 15 years and average annual production of around 168,000 gold-equivalent ounces.
Environmental and Legal Context at Vareš
In 2026, reporting cited more than 300 residents near Vareš testing positive for lead exposure, prompting investigations and criminal complaints by environmental organisations against operators and local officials. DPM Metals stated it is cooperating with authorities and funding environmental testing. The origin of the exposure remains under review in a region with a long history of mining activity.
Lithium and Boron Potential in Bosnia
Lithium, boron, and magnesium exploration in northeastern Bosnia and Herzegovina includes the Lopare project in the Majevica region. Arcore AG and Rock Tech Lithium have discussed cooperation for potential supply to planned lithium converter facilities in Germany.
Some reported resource figures for Lopare have been classified as historical under Canadian reporting standards, indicating that they are not yet compliant with current reserve classification requirements used for financing decisions.
North Macedonia Zinc-Lead and Copper-Gold Assets
In North Macedonia, the Sasa mine is operated by Central Asia Metals Plc near Makedonska Kamenica. In 2025, the operation processed 796,171 tonnes of ore, with average grades of 2.61% zinc and 3.35% lead, generating $100.1 million in gross revenue. The operation produces zinc, lead, and silver concentrates under a life-of-mine plan extending into the 2030s.
The Ilovica-Shtuka copper-gold project, controlled by Euromax Resources, is located about 20 kilometres from Strumica. The project has approved environmental impact assessment and two 30-year exploitation concessions. Feasibility studies previously indicated annual production of approximately 83,000 ounces of gold and 16,000 tonnes of copper, with initial capital costs estimated at around $474 million over a projected 20-year mine life.
Albania Chromium Production Base
In Albania, chromium production remains a core mining sector activity, with output of approximately 952,589.6 tonnes of chrome ore in 2024. YILDIRIM Group operates AlbChrome, which manages the Bulqiza mine and ferrochrome facilities in Burrel and Elbasan. The country also hosts copper, nickel, iron-nickel, and cobalt indications, along with potential for recovery from mining waste streams. Chromium is used in stainless steel, superalloys, plating, refractories, and industrial applications.
In Montenegro, Uniprom operates the Red Bauxite Mine in Nikšić, investing more than €10 million in modernisation since 2015. The Brskovo project, promoted by Tara Resources near Mojkovac, is planned to produce approximately 45,000 tonnes of zinc, 13,000 tonnes of lead, 3,000 tonnes of copper in concentrate, and about 1 million ounces of silver annually. The development includes two open pits, a processing plant, and integrated waste management facilities.
In Kosovo, the Trepča mining district contains historical lead, zinc, silver, cadmium, and antimony mineralisation. The district also includes environmental liabilities associated with long-term mining and processing activities, with future development linked to remediation and resource reprocessing potential.
Regional Tailings and Secondary Resource Potential
Across the Western Balkans, estimates indicate more than 344 million tonnes of mining and industrial waste distributed across over 1,650 sites, containing recoverable copper, zinc, lead, silver, gold, antimony, and selected rare earth elements.
Pilot projects have been identified in locations including Kurbnesh in Albania, Artana in Kosovo, and Probištip–Zletovo in North Macedonia, focusing on reprocessing tailings and legacy waste streams as potential secondary sources of raw materials.
Mining assets in the Western Balkans are controlled by a diverse group of international companies, including Rio Tinto in Serbia’s lithium sector, Zijin Mining in copper production, DPM Metals in Bosnia and Serbia, Central Asia Metals Plc in North Macedonia, Euromax Resources in North Macedonia development assets, YILDIRIM Group in Albania, Tara Resources in Montenegro, and Rock Tech Lithium in Bosnia-linked lithium development discussions.
