Patient Chinese capital opening doors – Is a way for a mine near Novi Pazar being sought in the stock market?

The Chinese corporation Zijin Mining Group has continued its phased accumulation of shares in the Australian mining company Strickland Metals Limited, which owns exploration licenses for the Rogozna polymetallic project in Serbia.

According to the latest market review presented by the Australian brokerage house Shaw and Partners, and reported by specialized Australian financial portals, Zijin's ownership stake in this Australian company now amounts to 7.4%.

Let us remind that, in mid-April, Zijin increased this stake to 5.55%, which represented the third major entry of Chinese capital into this company in the preceding year and made it a “substantial holder,” right behind the leading shareholder, the Ibaera Capital fund (but with far greater mining experience and machinery).

Previously, in August 2025, Zijin invested 5 million dollars in the Rogozna project, entering Strickland’s ownership structure with about 3.3%, and in February, a new capital increase with another 5 million dollars followed.

Direct purchase on the stock exchange

The aforementioned Shaw and Partners report states that the latest increase in the stake came through a direct purchase on the free stock market, after the price of Strickland’s shares suffered a decline this spring due to investor concerns about administrative delays in issuing new exploration permits.

The financial platform Motley Fool Australia reported that the value of Strickland Metals’ shares had fallen by about 40% in the preceding year, but that brokers from Shaw and Partners believed that they could more than double their value.

The Australian company’s official geological data show that the total resource estimates at the Rogozna project are about 289 tons of gold equivalent, with an average content of 1.33 grams per ton.

“Undervalued deposit, overestimated regulatory risks”

Shaw and Partners says it expects the first Pre-Feasibility Study to be completed by the end of 2027, and brokers are also sharing technical plans that this phase will focus on developing the shallow Gradina deposit, with the intention of initially establishing a mining facility with a processing capacity of between 1.5 and 2 million tons of ore per year.

– We believe the market is significantly undervaluing the Rogozna deposit and overestimating the current regulatory risks – the Australian brokers said in a report, highlighting the fact that the Chinese giant has once again increased its stake in the Australian company.

Shaw and Partners said that resolving regulatory issues and reducing the project’s risks could lead to an increase in the estimated value of the shares from 20 to 30 cents, while the current share price is 8.5 cents.

Australian media reported in May that the decline in Strickland Metals shares had been linked to resistance from local residents and environmental activists on the ground, which had included road and machinery blockades.

The Serbian Ministry of Mining and Energy said at the time that all decisions were made strictly according to the law, regardless of the companies’ business plans, and Zlatna Reka Resources, a subsidiary of Strickland Metals in Serbia, denied information about the suspension of geological exploration for gold reserves on Rogozna Mountain. Activists of the local association “We Will Not Give Up Rogozna” recently told N1 that planned drilling in 2026 had not been approved.

Chinese investment logic

Financial analysts who monitor global mineral markets often emphasize that Chinese corporations, unlike Western investment funds, operate according to the so-called “patient capital” model.

While Western shareholders generally demand quick quarterly returns and tend to withdraw capital as soon as local unrest or bureaucratic obstacles arise, the Chinese apply a long-term strategy with an investment horizon of several decades.

This economic phenomenon is clearly illustrated by the example of the Rogozna project - Zijin uses precisely the moments of institutional stagnation to accumulate ownership at a lower price, aware that the massive geological potential in the bowels of the mountain remains unchanged regardless of the barricades.

B. Petrovic

Serbia Zijin Mining d.o.o. Bor

Zlatna Reka Resources d.o.o. Beograd

Ministarstvo rudarstva i energetike Republike Srbije

Strickland Metals Limited

Rogozna

Ne damo Rogoznu

We Will Not Give Up Rogozna

Rogozna gold project

ownership share in Rogozna project

patient capital

gold mine on Rogozna