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.


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


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