Zijin Mining stock faces political risk at Serbia's Bor expansion

Serbia's Student List movement is seeking to halt preparation of the Phase II plan for Zijin Mining's Jama Bor copper expansion, adding political and permitting risk to a project that remains in planning. S&P Global reported the development on Wednesday, November 11.

The movement won a majority of seats in Serbia's National Assembly in the October 25 election. In a statement made during the week beginning November 9, it asked the Agency for Spatial Planning and Urbanism to suspend preparation of the special-purpose spatial plan for Phase II and to submit an initiative to the future government to revoke the decision to proceed.

Political challenge targets project timing

The objections focus on underground mining beneath populated areas and infrastructure in Bor. Student List representatives cited ground instability, possible damage to the city's historic center and the displacement of residents. The group also questioned the timing of an early public inspection launched shortly after the election, arguing that a project with long-term consequences should be considered by the incoming parliament and government.

Serbia Zijin Copper, a majority-owned subsidiary of Zijin Mining, said the planning procedure is proceeding under the legally prescribed framework. The company told S&P Global that public information and participation remain available to interested parties. It said the initiative was submitted to the planning agency in January 2026, approved in August and followed by the early public review.

The proposed development covers the deeper sections of the Borska Reka copper deposit and includes a new flotation plant and additional infrastructure. According to Serbia Zijin Copper, the expansion could raise annual ore production from 4.8 million metric tonnes in the first year to 18 million metric tonnes in the fifth year of operations, while extending the mine's life by 22 years. S&P Global also reported estimated ore potential of more than 800 million metric tonnes at an average copper grade of 0.57%.

Relocation remains a central hurdle

The company said assessments of the planned excavation method identified a potential subsidence zone covering part of Brezonik and the area between the settlement and the former Bor open-pit mine. About 290 residential properties could require relocation. Serbia Zijin Copper said the flotation plant itself would not require household relocations, but surface deformation from deeper workings could make them necessary.

For investors, the project offers a possible long-term route to higher copper output, but the expansion is not yet an approved investment programme. Political decisions, technical studies, public consultation and negotiations with residents will shape the timetable. The company said it understands concerns about ground subsidence and household relocation and is discussing possible solutions with residents.

Zijin Mining stock traded at 3.10 euros on Lang & Schwarz at 09:38 CET on Friday, November 13.

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