DPM Metals’ Čoka Rakita project in Serbia is advancing as a high-grade gold development asset with planned first production in the first half of 2029.
The project represents a new direction for Serbia’s mining sector, which has traditionally been associated with copper production and more recently with lithium development discussions. Čoka Rakita adds a gold-focused development project to the country’s mineral pipeline, with DPM targeting commercial-scale production supported by feasibility-stage economics.
Feasibility study outlines long-life gold production
DPM Metals’ feasibility work for Čoka Rakita outlines a project designed to produce approximately 148,000 ounces of gold annually over the mine life, with higher production expected during the first five years of operation. The project’s initial capital requirement is estimated at approximately US$448 million. Published economic studies have reported strong after-tax net present value (NPV) and internal rate of return (IRR) figures. The development timeline allows for continued work on permitting, engineering, financing and procurement before construction activities begin ahead of planned production.
High-grade deposit forms basis of development strategy
The project’s development case is based on its grade and scale. Higher-grade gold deposits can support lower unit costs, reduced mining footprints and improved project economics compared with large-scale, lower-grade operations requiring significant capital investment.
Čoka Rakita is positioned as a development asset of meaningful size for DPM Metals while remaining within the scale of a project suitable for a mid-tier mining company. The company’s planned production profile would add a new gold asset to its portfolio as it expands its presence across Southeast Europe.
Serbia adds gold development to mining portfolio
Čoka Rakita provides Serbia with another potential mining development beyond existing copper operations and lithium-related projects.
The country already hosts major mining activities and has attracted international attention due to its lithium potential. The gold project represents a separate development pathway, with an underground mining concept requiring assessment of environmental, water and community considerations.
Development milestones ahead of construction
DPM’s schedule includes completing the remaining stages required before production, including permits, engineering work, financing arrangements and procurement activities. Potential future milestones include permitting approvals, a construction decision, financing structure announcements, underground development progress and commissioning activities.
Within DPM’s broader portfolio, Vareš in Bosnia and Herzegovina represents the company’s near-term growth operation, while Čoka Rakita is positioned as a future production contributor later in the decade.
Community and regulatory factors remain important
The project’s advancement will depend on both technical execution and regulatory compliance. Mining projects in Serbia have faced public attention related to issues including water resources, land use and environmental protection. Development of Čoka Rakita will require continued engagement with local communities and regulatory authorities as the project progresses toward construction and production.
The asset remains in the development stage and has not yet reached production. Before becoming an operating mine, it must advance through construction and commissioning phases. DPM Metals is targeting first gold production in H1 2029, with Čoka Rakita expected to become a future component of the company’s Southeast European mining portfolio.
