Zijin Mining stock faces Serbian political pushback over Bor expansion

Zijin Mining stock is facing fresh political resistance in Serbia as the country's Student List movement calls for the Jama Bor copper expansion to be suspended. The group made its request during the week beginning November 9, according to S&P Global. The issue adds a political and community dimension to a project that remains in the planning process rather than an approved investment programme.

The Student List won a majority of seats in Serbia's October 25 parliamentary election and has asked the Agency for Spatial Planning and Urbanism to halt preparation of the Phase II spatial plan. It also wants the future government to consider revoking the decision to proceed. The group argues that underground mining could create ground instability, affect Bor's historic centre and displace residents.

Expansion promises larger copper output

The proposed development concerns the Borska Reka copper deposit, which belongs to Serbia Zijin Copper, a majority-owned subsidiary of Zijin Mining. The plan includes deeper underground workings, a new flotation plant and additional infrastructure. According to the company information cited by S&P Global, annual ore production could rise from 4.8 million metric tonnes in the first year to 18 million metric tonnes in the fifth year of operations, while the mine's operating life could be extended by 22 years.

S&P Global also reported that the deposit has estimated ore potential of more than 800 million metric tonnes at an average copper grade of 0.57%. Those figures describe the project's geological and operating potential, not booked earnings or confirmed refined-metal production. The eventual contribution to Zijin Mining would still depend on approvals, mine design, recovery rates, construction spending and the timing of additional output.

Relocation remains the central dispute

Serbia Zijin Copper said its assessments identified a possible 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. The company told S&P Global that it understands the concerns over ground movement and household relocation and is discussing possible solutions with residents.

The company also said the spatial-planning process is proceeding under the legally prescribed framework, with public information and participation available to interested parties. It stated that the initiative was submitted in January 2026, approved in August and followed by an early public review. The competing positions leave the timetable exposed to political decisions, community negotiations and further technical assessments.

What investors should watch next

For shareholders, the proposed expansion offers a possible long-term route to higher copper output, but the scale of the required commitments is not yet matched by a disclosed investment budget or financing plan. Relocation, environmental controls, infrastructure and regulatory timing could affect the capital burden before additional production generates revenue.

Zijin Mining stock traded at 3.22 euros on Lang & Schwarz at 09:30 CET on Thursday, November 12.

European mining shares remain sensitive to copper prices, industrial demand and permitting developments; the Euro Stoxx 50 provides the broader regional market backdrop.

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