BHP Group Limited’s wholly‑owned subsidiary has executed a definitive option and earn‑in agreement to acquire three exploration licences in the Bor Mining District of Serbia from Elemental Royalty Corporation. The licences, held by Elemental’s Serbian subsidiary Magma Resources doo, cover a 150‑square‑kilometre area that extends the mineral trend hosting major copper‑gold deposits such as Zijin Mining’s Čukaru Peki and Malka Golaja.
Under the agreement, BHP will pay an initial US$200,000 on the six‑month anniversary, followed by annual payments of US$200,000 until the earn‑in is complete, and will spend a cumulative US$5 million in exploration expenditures within five years. Elemental will retain a 2 % net‑smelter‑return royalty on each project. BHP also has the option to repurchase up to 0.5 % of the NSR for two payments of US$5 million each (0.25 % before year 8 and 0.25 % before year 11). Annual advance royalty payments of US$200,000 will continue until commercial production.
The deal expands BHP’s exploration footprint into a region that has produced some of the world’s largest copper‑gold deposits for over a century, aligning with its strategic pivot toward higher‑margin non‑ferrous metals. BHP’s deep‑sensing geophysical capabilities are well suited to the complex geology of the Bor District, which includes porphyry, high‑sulfidation epithermal, and skarn systems.
Elemental Royalty’s strategy is to build and partner its royalty portfolio, generating cash flow while retaining upside. The 2 % NSR royalty and the option to repurchase a fraction of the royalty give Elemental a continued stake in any future production, while the earn‑in structure allows BHP to assess the licences before committing fully.
The agreement underscores the continued interest of major miners in Serbia’s copper‑gold corridor and highlights BHP’s focus on high‑potential exploration assets that can feed its long‑term resource base.
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