Serbia Zijin Bor Copper
Serbia Zijin Bor Copper is a Serbian copper-mining, smelting and refining complex in Bor, formerly known as RTB Bor.
Last updated August 31, 2026
AI crawler reads
No AI crawler has read this profile since Oct 28, 2026.
Overview
Serbia Zijin Bor Copper is a copper-mining and metallurgical complex headquartered in Bor, eastern Serbia. The enterprise combines mining, mineral processing, smelting and refining activities and is one of the central industrial employers and economic institutions in the Bor region. Its principal operating assets are associated with the Bor and Majdanpek mining areas and with the smelter and refinery facilities in Bor. The industrial history behind the company reaches back to geological exploration in the Bor area in 1897. Serbian industrialist Đorđe Vajfert subsequently arranged French investment, and the French Society of the Bor Mines, the Concession St. George, began operations in 1904. After the Second World War, the assets were nationalized by the government of socialist Yugoslavia. The enterprise was reorganized several times and eventually operated as RTB Bor, a state-owned mining and metallurgical group. RTB Bor expanded and developed additional mining operations during the late twentieth century, including the Cerovo mine. Its performance deteriorated during the 1990s and 2000s as the breakup of Yugoslavia, international sanctions, aging equipment, declining ore grades and limited access to investment constrained production. The company accumulated substantial debts and became one of Serbia's most persistent loss-making state enterprises, despite government support and periods of strong international copper prices. Several privatization attempts failed. A proposed 2007 sale to Romania's Cuprom was cancelled after the buyer did not meet the financing deadline. A second transaction, agreed in 2008 with Austria's A-TEC, also collapsed when the purchaser failed to complete a required payment amid financing difficulties associated with the global financial crisis. A subsequent offer from Strikeforce Mining and Resources did not lead to a completed sale. In 2018, following a strategic-partner tender, Serbia selected China's Zijin Mining Group. Zijin acquired a 63 percent stake in the complex in a transaction valued at approximately US$1.26 billion, while the Serbian state retained the balance. The formal takeover took place on 18 December 2018, after which the enterprise operated under the Zijin Bor Copper name; the Serbia suffix was later added to the public-facing name. This change brought the Bor complex into the international Zijin mining group and marked the end of its long period as a wholly state-controlled enterprise. The business produces copper concentrate, refined copper and associated precious-metal outputs, including silver and gold recovered during processing. Its operations include the Bor copper mine, the Majdanpek copper mine and the TIR smelter and refinery. The broader mineral-resource base includes porphyry-style deposits in the Upper Bor District, while the undeveloped Borska Reka underground deposit is described as a significant potential resource. The company's post-2018 period has also been marked by public criticism concerning environmental performance. Residents of Bor and surrounding communities have protested elevated sulfur-dioxide and dust pollution associated with smelting and mining operations. Serbian inspectors ordered corrective measures on multiple occasions, including action relating to excessive sulfur-dioxide emissions and dust generated during tailings transport. Zijin attributed at least one pollution episode to a power outage and reported installing dust-suppression equipment. Environmental compliance remains an important issue affecting the company's social license to operate and its relationship with local authorities and residents.
History
Copper exploration around Bor began in 1897 in the area then known as Tilva Roš. Đorđe Vajfert, a Serbian industrialist, helped secure French capital and established the French Society of the Bor Mines, the Concession St. George. The company began operating on 1 June 1904, and French ownership remained important until the end of the Second World War. In 1951, the Yugoslav government nationalized the company's assets. The Bor enterprise subsequently passed through several organizational forms during the socialist period and operated as RTB Bor by the later twentieth century. During the 1990s, it invested in new mining activity, including the Cerovo open pit, but the breakup of Yugoslavia and the wars and sanctions of that decade severely restricted access to equipment, finance and external markets. Lower ore grades and aging infrastructure compounded the problem. Because copper was the economic foundation of Bor, falling output had major effects on employment and local living standards. The Serbian government attempted to privatize RTB Bor in the 2000s. In 2007, Romania's Cuprom was selected in a tender, but the deal was cancelled when Cuprom failed to provide financing within the agreed period. In 2008, Austria's A-TEC became the preferred buyer after a second tender. A-TEC paid an initial amount but could not secure the financing needed for its next instalment during the global financial crisis. The contract was terminated, and negotiations with the second-ranked bidder, Strikeforce Mining and Resources, did not produce a completed transaction. For much of the period from the 1990s through the 2010s, RTB Bor remained financially weak. The Serbian state provided substantial support, assumed or converted debts and invested in production facilities. A dispute with Greek company Mytilineos arising from copper-processing arrangements in the 1990s resulted in a Geneva arbitration award in 2017; the dispute concerned copper that had allegedly been processed but not returned under the relevant contracts. The company reported a substantially improved 2017 operating result after years of losses, but Serbia was still required to identify a strategic partner under commitments associated with its International Monetary Fund program. A tender attracted bids from Zijin Mining Group, Diamond Fields International and U Gold. Serbia selected Zijin Mining, which acquired 63 percent of the company in 2018 for a reported US$1.26 billion transaction value. Zijin formally assumed control on 18 December 2018, and RTB Bor became Zijin Bor Copper, later commonly styled Serbia Zijin Bor Copper. The current complex includes the Bor mine, the Majdanpek mine and the TIR smelter and refinery. Its geology includes porphyry copper deposits in the Upper Bor District, and Borska Reka, an undeveloped underground resource associated with the Jama mine, is identified as having substantial potential. The enterprise produces copper and by-product precious metals for domestic and international markets. Environmental conflict has been a major feature of the post-takeover period. From early 2019, Bor experienced episodes of elevated sulfur-dioxide pollution, with residents organizing protests and demanding action by municipal and national authorities. Inspectors ordered the operator to reduce emissions and address dust generated during tailings transportation. The company cited a power interruption as one cause of an emission episode and later reported deploying dust-suppression equipment. Investigative reporting and monitoring discussed in the reference material indicated that early equipment measures had not clearly eliminated the pollution problem.
- 2019
Environmental protests and inspections
[1]Protests and regulatory inspections focused on excessive sulfur-dioxide emissions and inadequate dust controls in Bor.
- 2018
Zijin Mining acquires a majority stake
[1]Zijin Mining acquired 63 percent of RTB Bor in a strategic-partner transaction with the Serbian government.
- 2018
Formal takeover and renaming
[1]Zijin formally took control on 18 December, and the company began operating under the Zijin Bor Copper name.
- 2017
Mytilineos arbitration award
[1]A Geneva arbitration tribunal ruled in favor of Mytilineos in a dispute involving unfulfilled copper-processing obligations dating from the 1990s.
- 2008
A-TEC privatization attempt fails
[1]The proposed sale to A-TEC collapsed when the Austrian bidder failed to make a required subsequent payment.
- 2007
Cuprom privatization attempt fails
[1]The planned sale to Romania's Cuprom was cancelled after the buyer missed a financing deadline.
- 1951
Bor mining assets are nationalized
[1]The government of socialist Yugoslavia nationalized the company's assets, beginning its long period of state ownership.
- 1904
French mining company begins operations
[1]The French Society of the Bor Mines, backed by French capital arranged by Đorđe Vajfert, began operations on 1 June.
- 1897
Copper exploration begins in the Bor area
[1]The first recorded geological exploration of copper deposits in the Bor area took place around Tilva Roš.
Products and positioning
An integrated Serbian copper producer combining mining, concentration, smelting and refining under the ownership of the Zijin Mining Group.
Mining and mineral processing
Copper concentrate
Ore from the Bor and Majdanpek mining areas is extracted and processed into copper concentrate. Concentrate is an intermediate product that is sent to the company's metallurgical facilities for smelting and refining, with a substantial portion of the resulting copper destined for export markets.
Metallurgy
Refined copper
The TIR smelter and refinery convert copper-bearing material into refined copper. Refined copper is the complex's principal commercial output and supports both international sales and downstream processing by Serbian copper companies.
Metallurgical by-products
Precious-metal by-products
Gold and silver are recovered as associated outputs during copper processing. These by-products are produced in much smaller quantities than copper but form part of the economic value of the integrated mining and refining system.
Controversies
2019
Air-pollution controversy in Bor
Residents organized protests over excessive sulfur-dioxide and dust pollution after Zijin took control of the complex. Serbian inspections ordered corrective action concerning emissions and tailings-transport dust. The company attributed one episode to a power outage and later reported installing additional dust-suppression equipment, while monitoring discussed in the reference material indicated that early measures had not produced a clear reduction in pollution.
Brand decisions
2019
Air-pollution mitigation measuresStrategyBackground
Public protests and inspections identified excessive sulfur-dioxide emissions and insufficient dust control around the Bor operations.
Action taken
The company reported acquiring and testing dust-suppression equipment, including machines intended to neutralize or reduce sulfur-related pollution.
Aftermath
Environmental performance remained controversial because available pollution data did not show a clear early improvement.
2018
Strategic partnership with Zijin MiningM&ABackground
Serbia was required to seek a strategic partner for RTB Bor after years of losses, debt accumulation and unsuccessful privatization attempts.
Action taken
The government selected Zijin Mining Group, which acquired a 63 percent stake and formally assumed control in December.
Aftermath
The complex was renamed Zijin Bor Copper and became part of the Zijin Mining group while the Serbian state retained a minority stake.
Reported transaction value. Approximately US$1.26 billion (2018)
2008
Termination of A-TEC transactionM&ABackground
A-TEC was selected after a second tender and made an initial payment, but encountered financing problems during the global financial crisis.
Action taken
The Serbian government scrapped the contract after A-TEC failed to make its next required payment.
Aftermath
A subsequent negotiation with the second-ranked bidder also failed, leaving the complex under state control.
Agreed acquisition price and investment obligation. US$466 million purchase price plus a required US$180.4 million investment (2008)
2007
Termination of Cuprom saleM&ABackground
Serbia sought a private buyer for the financially troubled RTB Bor complex.
Action taken
The government cancelled the proposed sale after Cuprom failed to meet the agreed financing deadline and reopened the privatization process.
Aftermath
RTB Bor remained state-owned and was offered in another tender.
Sources1 sources
Cite this profile: Cite the canonical profile. /brand-wiki/serbia-zijin-bor-copper · Editorial policy · How profiles are compiled