The recent surge in global copper prices has significantly enhanced the profitability of Chinese mining companies operating in Serbia, with their combined earnings surpassing €1.3 billion. This marks a new high for the country’s extractive sector, driven primarily by operations in the Bor copper complex, which is under the control of China’s Zijin Mining Group.
Zijin’s local subsidiaries, notably Serbia Zijin Mining and Serbia Zijin Copper, have emerged as key contributors to Serbia’s industrial economy, benefiting from increased production and soaring commodity prices. In early 2026, copper prices reached historic peaks between $13,000 and $14,500 per tonne due to supply disruptions and rising demand driven by electrification and energy transition initiatives.
Producers with established operations in eastern Serbia have seen immediate financial benefits as revenues have surged faster than costs, leading to significantly improved profit margins. Financial reports reveal that Serbia Zijin Mining alone achieved a net profit exceeding €1.1 billion in 2025, with revenues surpassing 213 billion dinars, reflecting robust growth and strong export performance.
When combining profits from both Serbia Zijin Mining and Serbia Zijin Copper, total earnings from these Chinese operations exceed the €1.3 billion mark, establishing a dominant cluster within Serbia’s industrial landscape. The Zijin-controlled entities account for a substantial share of profits among Chinese firms in Serbia and are one of the largest contributors to the nation’s export revenues and industrial output.
This growth is primarily driven by two key assets: the Bor mining and smelting complex and the high-grade Čukaru Peki copper-gold deposit. The Čukaru Peki site, recognized as one of Europe’s richest ore bodies, has been increasing production since 2021, providing high-grade copper and generating significant cash flow even prior to the latest price increases.
The transformation of the Bor complex is noteworthy. Once a heavily indebted state asset with over €1 billion in accumulated losses, it has been revitalized into a profitable export platform following Zijin’s acquisition and extensive multi-billion-euro investment program. Cumulative investments by Zijin in Serbia have exceeded €2.2 billion, focusing on mine development, smelting enhancements, and infrastructure improvements that integrate Serbia into a global copper supply chain centered on Asian demand.
Despite this growth, there remains an imbalance in value distribution. While local production generates numerous jobs and significant export activity, most profits are derived from sales of concentrate to affiliated foreign entities. This structure embeds Serbia within a vertically integrated global system rather than fostering a fully domestic value chain.
In a high-price environment, as copper prices rise further, profit extraction accelerates alongside an increased outward flow of value through internal group transactions and dividend distributions. From a macroeconomic standpoint, this situation presents both advantages and challenges for Serbia: it benefits from heightened exports and fiscal revenues tied to copper but raises ongoing concerns regarding value retention, tax efficiency, and long-term industrial policy.
The trend extends beyond individual companies; Chinese firms have steadily expanded their presence across various sectors in Serbia, particularly in mining and manufacturing. Data indicates that leading Chinese enterprises generated over €1 billion in combined profits prior to the current copper price surge.
As this cycle continues to amplify profitability for these firms, Serbia is positioned as one of the most lucrative overseas locations within China’s global mining strategy. The sustainability of these profit levels will hinge on global copper price trends and ongoing production capacity expansions at Bor and Čukaru Peki. Market expectations remain optimistic as copper is increasingly recognized as essential for electrification efforts, grid improvements, electric vehicle production, and digital infrastructure development.
The current earnings surge reflects not only commodity price dynamics but also highlights how global capital flows, resource ownership structures, and industrial strategies converge within a market where copper is emerging as a critical material for energy transitions.
