Serbia’s mining sector is increasingly being evaluated through the lens of European industrial policy, supply-chain security and regulatory compliance as the country seeks to position its mineral resources within European manufacturing networks. The adoption of Serbia’s first mineral resources management strategy in April 2026, covering the period to 2040 with projections through 2050, reflects a shift in policy that treats critical and strategic minerals as part of broader economic, industrial and energy-security planning.
The sector’s growing relevance is reflected in trade flows between Serbia and the European Union. Total EU-Serbia goods trade reached €47.092 billion in 2025, including €21.185 billion of EU imports from Serbia and €25.907 billion of EU exports to Serbia. Within those imports, base metals and articles accounted for €2.310 billion, while mineral products represented €2.257 billion, underscoring the importance of mining-related exports in bilateral trade.
The regulatory environment facing exporters has changed with the implementation of the EU’s Carbon Border Adjustment Mechanism (CBAM) definitive regime on 1 January 2026. Under the framework, EU importers exceeding the 50-tonne threshold are required to obtain CBAM authorization and surrender certificates linked to embedded emissions, while eligible carbon costs already paid in the country of production may be deducted.
CBAM Shifts Focus Toward Supply-Chain Documentation
Although copper ore, copper concentrate and lithium-bearing minerals are not currently included among CBAM’s primary product categories, the mechanism is influencing procurement decisions across European industrial supply chains.
The current CBAM scope remains focused on cement, iron and steel, aluminium, fertilisers, electricity and hydrogen, but European customers are increasingly requiring extensive documentation related to emissions, electricity sourcing, processing methods, chain-of-custody controls, water management, tailings governance and human-rights compliance.
Further pressure is emerging from regulatory developments within the EU. The Council of the European Union has advanced measures aimed at extending CBAM toward selected downstream products while strengthening anti-circumvention provisions, particularly for non-EU products containing CBAM-covered steel, iron or aluminium inputs. For Serbian mining exporters, the commercial challenge is therefore becoming one of compliance evidence rather than direct carbon charges on raw mineral exports.
Copper Operations Gain Strategic Importance
Copper represents Serbia’s most immediate test case as European manufacturers seek alternative supply sources outside China-dominated value chains. Operations owned by Zijin at Bor and Čukaru Peki produced a combined 296,000 tonnes of copper and 9.1 tonnes of gold during 2025. Expansion plans target annual copper production of 450,000 tonnes.
Export figures illustrate the sector’s significance. In 2024, copper ores and concentrates became Serbia’s second-largest export category with a value of $1.663 billion, while refined copper cathodes generated $1.348 billion in exports.
European demand has also increased. EU imports of copper from Serbia reached $761.6 million in 2025, led primarily by refined copper and unwrought copper products.
Geographic proximity to European manufacturing centers and Serbia’s role in supply-chain diversification have increased the attractiveness of Serbian copper. However, procurement decisions increasingly depend on the availability of verified environmental and operational data.
Serbia’s electricity mix remains a factor in these assessments. Approximately 60% of electricity generation in 2024 originated from coal, predominantly lignite, while hydropower contributed around 30% and other renewable sources accounted for roughly 10%. Buyers are increasingly differentiating between operations relying on grid electricity and those supported by traceable renewable energy arrangements, including metered power purchase agreements and verified emissions accounting.
Lithium Strategy Linked to European Battery Supply Chains
Lithium remains a key component of Serbia’s longer-term industrial positioning. In July 2024, Serbia and the EU signed a strategic partnership covering sustainable raw materials, battery value chains and electric vehicles. The agreement was designed to connect Serbian resources with European manufacturers, investors and financing institutions.
At the time, Reuters reported that Mercedes-Benz was considered a potential customer for Serbian lithium and supported efforts to establish a larger portion of the battery value chain within Serbia.
The development of the Jadar project remains central to those ambitions. Rio Tinto describes Jadar as a high-grade lithium-borates resource that has obtained EU Strategic Project status. However, the company has also stated that the project is being transitioned into a care-and-maintenance phase while preserving future development options and maintaining capital discipline.
As a result, the project continues to face considerations related to permitting processes, environmental oversight, social acceptance, capital expenditure reviews and political developments.
Due Diligence Expands Beyond Carbon Reporting
Regulatory scrutiny of supply chains is extending beyond emissions reporting into broader due-diligence requirements.
Battery and electric-vehicle supply chains increasingly require carbon-footprint disclosures, raw-material traceability, sustainability verification and digital product-passport systems. European manufacturers, including battery producers, cathode manufacturers, cable makers and automotive original equipment manufacturers, are placing greater emphasis on upstream verification before entering long-term supply agreements.
Additional compliance challenges emerged in June 2026, when the U.S. Customs and Border Protection agency issued a Withhold Release Order covering copper and copper products produced by Serbia Zijin Copper over alleged forced-labour indicators. According to SeeNews, Serbia Zijin Copper produced 123,286 tonnes of mine-produced copper and 43,852 tonnes of refined copper in 2025.
While the U.S. action is separate from the EU’s CBAM framework, it adds another layer of supply-chain scrutiny for buyers evaluating sourcing decisions.
Mining Projects Increasingly Assessed Through Compliance Infrastructure
The emerging commercial model for Serbian mining exports centers on providing comprehensive operational data alongside raw materials. European industrial customers are increasingly seeking verified information covering mine-level and processing emissions, electricity sourcing, water balances, tailings management, occupational safety performance, subcontractor oversight, transportation emissions and audit-ready documentation.
This approach aligns mining projects with broader requirements arising from CBAM compliance, battery regulations, lender sustainability assessments and corporate procurement standards. Serbia’s mining industry therefore enters a period in which access to European industrial supply chains depends not only on copper, lithium and borate resources, but also on the ability to provide verified operational and compliance data across the full production chain.
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