BHP seeking next Cukaru Peki – Australian giant signs options on three more exploration licenses in Timok

Australian mining giant BHP Group, one of the largest mining companies in the world alongside Rio Tinto, is increasingly expanding its activities in the Timok magmatic complex in eastern Serbia. As announced in mid-January by the Canadian company Elemental Royalty Corporation, BHP has signed an optional cooperation agreement for three of their exploration licenses in the Bor district: Lenovac Sever, Lenovac Jug and Durlan Istok, covering a total of 150 km2, which are owned by the Serbian company Magma Resources doo, owned by Canadians.

The licenses, which Elemental acquired in 2023 and 2024, are located along the same geological areas as the known Cukaru Peki and Malka Golaja deposits, i.e. in an area that contains the same geological layers as the Coka Marin and Coka Rakita skarn deposits, including zones that have not yet been explored, potentially hiding large deposits of copper and gold.

This fact, along with the information that BHP made a similar agreement with the Canadian company Mundoro in October, taking an option on seven exploration permits in Central Timok, suggests that the Australian giant is in Serbia in search of a new Cukaru Peki, which is one of the richest copper-gold deposits in the world.

What does “option” mean?

According to the contract with Elemental, BHP, which has the means and technology for deep deposits like Timok, assumes all the risk and cost of exploration, with the obligation to invest USD 5 million in them over a period of five years. If it does not like what it finds, it can withdraw. And if the mine ever opens, Elemental will receive 2% of the revenue. BHP has agreed on a similar arrangement with Mundoro in Serbia, but on a much larger area of 418 km2. As eKapija already wrote, in October 2025, an option agreement was signed for seven exploration permits in Central Timok, including Skorusa and Tilva Ros, where extremely high gold and silver values have already been confirmed. BHP has 10 years to acquire 100% ownership here, with the obligation to invest USD 35 million in exploration.

Let us remind that in January 2023, Mundoro also concluded an option agreement with BHP, according to which the Australians have the opportunity to acquire ownership in three Serbian copper projects: Borsko Jezero, Juzni Timok and the Trstenik exploration area.

BHP then established a subsidiary in Serbia, BHP Metals Exploration doo, owned, according to SBRA data, by BHP Billiton (the old name for BHP). It is evident that BHP is not entering the Serbian mining market “aggressively” - it is not buying licenses and mines, but is strategically mapping the area, slowly expanding its portfolio of options and systematically building its position in Timok. This is the behavior of a company looking for a major geological discovery.

In the case of the options on the Mundoro licenses, it is clear that BHP is directly targeting a large, independent porphyry system that could be the heart of a future new mining district, while the options on the Elemental licenses, given their location and surface area, are classic strategic connections - so-called satellite systems, or hidden extensions of already known megasystems.

All this shows that Timok is no longer a local mining district - global players such as Zijin and BHP are present too, and this means large, deep and long-term deposits, with the potential for a regional mining wave.

B. P.

Magma Resources doo Beograd

BHP

Elemental Royalty Corporation

Magma Resources doo

Lenovac Sever

Lenovac Jug

Durlan Istok

exploration licenses

options

acquisition

gold

copper

silver

Timok magmatic complex