Mundoro has strengthened its long-running collaboration with BHP through a new option agreement covering seven exploration licences in Serbia’s Timok Magmatic Complex, one of the world’s premier copper districts. Announced on 13 October, the deal allows BHP to earn 100% ownership of the Central Timok Project over ten years by investing US$35 million in exploration.
Under the terms, Mundoro will retain a 2% NSR royalty upon full earn-in, while also receiving escalating annual option payments that start at US$323,000. The company will operate the project during the exploration phase and collect annual operator fees.
CEO Teo Dechev said the expanded partnership reflects the quality of Mundoro’s portfolio and builds on more than a decade of operational experience in the region. She emphasized that combining Mundoro’s local geological expertise with BHP’s global porphyry exploration capabilities will strengthen targeting strategies and improve the chances of making new copper discoveries in eastern Serbia.
Alongside ongoing work in Serbia and the United States, Mundoro continues to pursue new project-generation opportunities aimed at long-term value creation for shareholders.
