Zijin Mining stock faces Bor expansion's relocation and funding test

Zijin Mining is preparing a major expansion of its underground copper operations at Jama Bor in eastern Serbia, according to a report by Serbia SEE Energy published on October 28, 2026. The proposal would extend mining activity around Bor through a long-term underground development, but it is not yet an approved investment programme.

The preliminary plan covers 41 years and involves about 571.5 million tonnes of ore. Annual extraction is intended to reach 18 million tonnes during the main production period, which the report places between project years 11 and 32. First ore from the expansion would begin in the sixth year under the preliminary schedule.

Expansion brings infrastructure obligations

Serbia Zijin Copper, the operator of the Bor mining and metallurgical complex, is financing the preparation of spatial-planning documents. The proposed development would cover about 1,703 hectares and include deeper underground operations, a new flotation plant and additional infrastructure.

The plan also identifies substantial social and logistical requirements. The Brezonik settlement would have to be relocated, while part of the Bor-Mala Krsna railway could require diversion. The final impact zone depends on further geological and geotechnical work, particularly because underground extraction could cause ground movement beneath existing buildings and infrastructure.

Processing and waste management are further execution issues. The planned flotation capacity would need to handle the expanded ore flow, while the Veliki Krivelj tailings facility is identified as the destination for flotation waste. Electricity, water supply, equipment availability, recovery rates and long-term environmental controls will influence the project economics.

Funding remains the central investor question

The report does not provide a capital-expenditure estimate, financing structure or complete production model. That leaves investors without the figures needed to assess returns, funding needs or the likely contribution to Zijin Mining's earnings. Ore tonnage is not the same as contained copper or refined metal, so grades, recoveries and associated gold and silver production will be important in later studies.

Zijin Mining stock traded at 3.32 euros on Lang & Schwarz at 09:23 CET on Wednesday, November 11. The project could strengthen the company's long-term copper pipeline and Serbia's role in European supply, but relocation, environmental commitments and regulatory timing could increase execution risk.

Chinese equities remain the wider market context for Zijin Mining's investor case, with the Shanghai Composite providing the relevant regional benchmark.

More news and analyses on Zijin Mining stock