About Serbia
The government of Serbia has indicated strong support for growth in investment in the mining sector as an important component for national economic growth.
| Population | 7.2 million (2013 estimate) |
| Capital | Belgrade |
| Currency | Republic of Serbia Dinar (RSD) |
| Time Zone | GMT + 1 |
| Politics | Parliamentary democracy. Last federal election June 2016. |
| Culture | 85% Orthodox, 5% Roman Catholic, 10% Other |
| Languages | Serbian. |
Economy
| GDP | USD 45 Billion (2013) |
| Taxation | Tiered personal income tax: Base 10% rate, for persons earning 3 times the average salary: 20%, for persons earning 6 times the average salary: 35% 20% standard Value-Added Tax (VAT) |
| Unemployment Rate | 20.8% (2014) |
| Inflation Rate | 1.7% (2014) |
| Net Average Wage | RSD 62 992 = USD 566.93 (2013) (USD exchange as of January 21, 2015) |
| Exports | USD 14.6 Billion (2013) |
| Imports | USD 20.5 Billion (2013) |
| Trade Balance Deficit: | USD 5.9 Billion (2013) |
Serbian Resource Sector
Sector Overview
- Fastest growing industry sector – Government committed to increasing GDP contribution from mining from 2% to 5% by 2020. GDP value for 2013: USD 80 Billion
- Competitive royalty rates between 1% and 5%
- Exploration investment in exploration over past 5 years: USD 250 Million
- 10 minerals and metals mines operating in Serbia: Largest project is located in Bor in the Timok Basin
- Free trade agreements in place with the EU, Russia, Turkey and CEFTA Countries
Foreign Investment Laws
- No restrictions on Foreign Ownership
- No government participation
- No restrictions on flow of capital
Infrastructure
Serbia enjoys excellent European infrastructure and particularly as relates to the Timok project. The Timok project site is:
- Located 5km south-east from the town of Bor and is accessible by paved road
- Close to existing road, rail and power lines
- Close to a new flash smelter with design capacity of 400 ktpa of concentrates and concentrate feed grade of 22% Cu.
- Close to a supply of water for the mine - opportunities being considered for nearby rivers and Bor Lake.
- Has several tailings disposal sites have been assessed and costs of impoundment construction have been estimated to a basic level
- Has a variety of possible options for transport: Locally to the Bor smelter complex and/or export to European and other international smelters using local rail head options to a port on the Danube River or a coastal port
