•     Strategic location at the crossroad of Central and Southeastern Europe
  •     Mining history dating back to the Middle Ages
  •     Increased mining exploration resulting from political stability improving economy
  •     Competitive corporate and personal tax regime
  •     Low overhead costs and incentives for foreign investment
  •     Transparent and fast process for company registration
  •     Wide availability of highly qualified and affordable labour force

The Republic of Serbia is located in the central part of the Balkans. It is at the crossroads of Central and Southeastern Europe and borders Hungary to the north; Romania and Bulgaria to the east; the Republic of Macedonia to the south; and Croatia, Bosnia and Herzegovina, and Montenegro to the west. It also borders Albania through Kosovo, whose status as part of Serbia is disputed. The country has a population of over 7.2 million and its capital, Belgrade, is one of the largest cities in Southeastern Europe.

Owing to its position on the geographic borderline between the east and west, Serbia is often referred to as a gateway of Europe. In addition, two very important European corridors, No. 7 – the River Danube and No. 10 – the international highway and railroad, intersect on the Serbian territory providing excellent connections with Western Europe and the Middle East.

Serbia is a member of the United Nations, the Organization for Security and Co-operation in Europe, the Council of Europe and was granted European Union candidate status in March 2012.


Mundoro’s projects are located within the Timok Magmatic Complex (TMC) which hosts significant Au-Cu porphyry and related Cu-Au epithermal deposits. TMC is a part of the prominent Tethyan Metallogenic Belt host of world class porphyry and epithermal Cu-Au deposits. The special relationship between mineralization styles suggests the project area might be part of successively westward migrating belts across the Timok volcanic belt and that they represent temporally distinct events. This suggests that the project areas fall within the recently discovered sediment hosted Au belt with favorable lithology and structural setting.

Territory of Serbia comprises three prominent mountain systems, a part of the Eastern Alps — Carpatho-Balkanides, Serbo-Macedonian Massif and Dinarides. The metallogeny of the Carpatho-Balkanides is characterised by large presence of different types of Cu, Cu-Au and less of Pb-Zn mineralizations. The Alpine metallogenic epoch on the territory of Eastern Serbia is presented by two metallogenic zones (the Ridanj-Krepoline and Bor-Maidanpeck zones. Bor-Maidanpeck district to the south is the most significant Cu-Au district in Serbia. Several types of deposits were distinguished within the Timok Magmatic Complex (TMC): porphyry copper (Majdanpek, Veliki Krivel), replacement massive sulphide copper deposits with porphyry copper system in depth (high sulphidation epithermal and porphyry system in Bor deposit) and skarn hydrothermal Pb-Zn mineralisations satellite of porphyry systems.

Recently discovered sediment hosted Au mineralization attracted attention for significant unrecognized exploration Au potential within the Triassic and Jurassic sediments intruded by Timok magmatic rocks.



A part of Timok Magmatic Complex has had exploration and mining activities. Main exploration activities took place from 1953 till 1987 and were performed by the Bor Copper Institute and Geological Survey of Serbia.

Serbia has a tradition of mining which dates back to the Middle Ages when silver, gold and lead were extracted. There are many mineral deposits and major occurrences distributed throughout the country. Modern exploration methods and techniques had not been applied until very recently.  The increase in commodity prices, the recovering Serbian economy, political stability and new Mining law have all led to an increase in mining and in mineral exploration, particularly gold and copper exploration.


The Timok mining camp around Bor has excellent infrastructure and easy access to major power lines. The TMC area is accessed by regional asphalt roads between Bor, Zagubica, Majdanpek and Kucevo, and well developed unsealed forestry roads. There is a railway from Bor to Belgrade through Pozarevac.

The area is mining friendly with abundant skilled labour and access to communications.