Serbia could be sitting on ‘several millions’ worth of gold reserves — authorities

Serbia’s mining sector, inactive since the wars that ended up tearing Yugoslavia apart in the early 1990s, may be on the cusp of a revival as the country’s government announced last week the discovery of “significant reserves” of gold and copper.

According to Serbian Minister of Natural Resources, Mining and Spatial Planning Milan Bacevic, the European young nation holds larger gold reserves than what was known until recently.

In an interview with, they said a new detailed geological survey of the Timok magmatic complex, in the mountains to the east of the country, have revealed “the kind of discovery that occurs once in a century.”

The country’s history of mining dating back to Roman times, with the town of Bor in the north-eastern corner of Serbia, being once home to a core copper and gold mining facility for the former Yugoslavia.

Bacevic said earlier this month that over 300 firms are now registered for mining and exploration in the country. Most of them are small companies lured by the security and infrastructure as well as the relatively new political stability.

The country is currently working on new mining laws aimed to improve the environment for investment targeted to develop its resources.

Image: Milan 1, ruler of Serbia from 1868 to 1889. Wikimedia Commons

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