Zijin Mining acquires 63% of RTB Bor, making China the second-largest copper producer in Europe

On 26 July 2018 the Serbian government agreed to sell a 63% stake in RTB Bor — the state-owned copper mining complex in eastern Serbia — to Zijin Mining Group (HKG:2899) for approximately USD 350 million plus a committed investment of USD 1.26 billion over five years. The transaction closed on 24 September 2018 after Chinese MOFCOM and Serbian government approvals. RTB Bor operates the Bor open-pit copper mine and the Čukaru Peki underground mine. Under Zijin's management, combined annual copper output reached 296,000 tonnes in 2025, making Zijin the second-largest copper producer in Europe after KGHM (Poland). The complex also produces significant gold as a by-product. The acquisition was facilitated by the China-Serbia comprehensive strategic partnership and BRI connectivity framework. The Serbian government accepted Chinese investment at a discount to assessed asset value in exchange for committed capital expenditure in a region with limited Western private-sector appetite for brownfield copper. EU membership negotiations and EU state-aid rules complicated alternative European financing structures. Zijin financed the acquisition through a combination of corporate balance sheet and China Development Bank-syndicated loans. The Čukaru Peki mine, which was not included in the initial RTB Bor asset base, received a separate Zijin investment commitment exceeding USD 800 million.