South-East Europe is advancing a diverse pipeline of copper, gold, lithium, graphite, gallium, magnesium and antimony projects as European demand for strategic raw materials expands across electrification, defence, advanced manufacturing and industrial supply chains. The region includes developments already approaching production, expanding operating mines and projects still dependent on permitting, financing, technology validation or political acceptance.
Among the projects furthest advanced are Eldorado Gold’s Skouries copper-gold development and Olympias expansion in Greece, the Vareš mine in Bosnia and Herzegovina, and the Bor–Čukaru Peki copper operations in Serbia. Established operations including Chelopech, Asarel-Medet and Sasa are also continuing production and development activity.
Other projects remain at earlier stages. These include Serbia’s Jadar lithium project, Romania’s Rovina Valley, Baia de Fier graphite and Verde Magnesium projects, and North Macedonia’s Krstov Dol and Ilovica–Štuka developments. Strategic designations, court decisions and development-finance agreements have supported several projects, but these milestones differ from final investment decisions, fully committed construction capital and operating processing facilities.
Skouries approaches commissioning in Greece
Greece currently has several advanced mining and processing developments supported by existing infrastructure and institutional finance. At Eldorado Gold’s Skouries project in Halkidiki, the copper-gold development was approximately 94% complete as of 31 March 2026. The company is targeting first concentrate in the third quarter of 2026 and commercial production in the fourth quarter. More than 2.8 million tonnes of ore have been stockpiled at the project. Remaining commissioning requirements include the concentrator, filtered-tailings system, water-management infrastructure and concentrate-production circuit.
Capital costs for Skouries have increased to approximately $1.315 billion, while the commissioning schedule has moved later than previous expectations. Eldorado is also expanding its Olympias mine, increasing annual mill capacity from 500,000 tonnes to 650,000 tonnes. The expansion is taking place at an existing operation.
Greek bauxite and gallium projects add processing capacity
Greece is also developing a project focused on recovering gallium from bauxite and aluminium processing. METLEN is implementing a bauxite modernisation and gallium-production project supported by €90 million in financing. Bauxite operations are expected to begin in 2026, followed by gallium production from 2027.
Gallium is typically recovered as a by-product of aluminium processing, linking the project to existing industrial production rather than standalone extraction.
Vareš production expands amid environmental concerns
In Bosnia and Herzegovina, the Vareš polymetallic mine recorded throughput of approximately 117,000 tonnes in the second quarter of 2026. The operation is targeting annual throughput of 850,000 tonnes by the end of 2026. Infrastructure development is continuing, including paste backfill and water-treatment systems. At the same time, more than 300 residents in the surrounding area have tested positive for elevated lead levels. No single source has been confirmed, with possible causes including historical mining, current operations or other environmental factors.
Serbia expands its copper production base
Serbia has the region’s largest copper-production system through its Bor and Čukaru Peki operations. The two operations produced nearly 300,000 tonnes of copper in 2025, while expansion plans target annual production of 450,000 tonnes. The copper sector has also faced scrutiny over environmental, labour and supply-chain issues. A 2026 import restriction affecting Serbia Zijin Copper raised concerns related to labour practices and supply-chain traceability.
The Čoka Rakita gold project is progressing through permitting, with construction targeted for 2027. The development plans include the use of refurbished equipment from Bulgaria’s Ada Tepe mine. Serbia’s Jadar lithium project, meanwhile, has been placed into care and maintenance despite its strategic importance.
Bulgarian mines focus on operating life and closure
Bulgaria’s mining activity includes both life-extension work at established operations and closure activity. At Chelopech, the mine life has been extended to 2036, supported by new exploration results. A significant deep mineralisation discovery at Brevene South remains at an early stage.
At Asarel-Medet, planned investment is directed toward operational improvements and sustainability rather than expansion. The Ada Tepe mine has entered closure, placing rehabilitation and closure practices at the centre of the operation’s next phase.
Romania advances a broad critical-minerals pipeline
Romania has several critical-minerals projects at different stages of development. The Rovina Valley project requires substantial capital and has only partially secured financing. Key permits and approvals remain outstanding.
Baia de Fier is targeting graphite production for battery markets, while its development timetable remains aggressive and product qualification has yet to be established.
Verde Magnesium is pursuing a phased development model, beginning with a small demonstration plant before moving toward larger-scale production. The transition from pilot operations to industrial output remains a major development stage for the project.
North Macedonia develops antimony and copper-gold projects
North Macedonia combines established mining operations with a pipeline of strategic mineral developments. The Sasa mine continues production, with current activity focused on efficiency improvements rather than expansion.
The Krstov Dol antimony project has attracted international development support as interest in supply diversification increases. The project remains at an early stage.
The Ilovica–Štuka project has achieved legal progress, but its development remains dependent on environmental approvals, financing and public acceptance.
Projects advance at different stages
The South-East European mining pipeline now spans operating mines, brownfield expansions, projects approaching commissioning and developments still dependent on regulatory or financial milestones. The near-term developments include Skouries entering concentrate production, Vareš increasing throughput, METLEN advancing toward gallium production, Serbia progressing with Čoka Rakita, and Romanian and North Macedonian projects continuing through permitting, financing and development stages.
