Serbia Zijin Copper has delivered 17.005 tonnes of gold to the National Bank of Serbia (NBS) since taking control of the former RTB Bor complex, making the company one of the main contributors to the country’s official gold reserve accumulation. Between 2019 and the end of June 2026, the Bor-based producer supplied the central bank with 1,356 gold bars, each weighing approximately 12.54 kilograms, matching the standard format produced by the company’s precious-metals refinery. The cumulative deliveries represent around 31% of Serbia’s total gold reserves, which stood at 54.565 tonnes at the end of June 2026.
- Bor Gold Deliveries Accelerate in 2026
- Central Bank Exercises Legal Right to Purchase Domestic Gold
- Mining Value Extends Beyond Gold Purchases
- Gold Holdings Increase Within Serbia’s Reserve Strategy
- Gold Allocation Creates Reserve Diversification Benefits and Risks
- Domestic Refining Keeps More Value Inside Serbia
Bor Gold Deliveries Accelerate in 2026
Gold deliveries from Serbia Zijin Copper increased significantly during the first half of 2026. The company supplied 164 gold bars weighing 2.057 tonnes during the first six months of the year. The volume represented more than 12% of all gold delivered by the company since 2019. If the first-half production pace continued throughout the year, annual deliveries would exceed 4.1 tonnes, although actual output depends on ore grades, processing volumes, maintenance schedules and metallurgical recovery rates.
At a late-July international gold price of approximately $4,026 per troy ounce, the total 17.005 tonnes delivered since 2019 would have a current market value of around $2.2bn, or close to €1.9bn. The 2.057 tonnes supplied in the first six months of 2026 would have a market value of approximately €230mn at the same price level. These figures represent current market valuations and not the historical purchase prices paid by the NBS over the period.
Central Bank Exercises Legal Right to Purchase Domestic Gold
The gold purchase arrangement between Serbia Zijin Copper and the NBS is based on Serbia’s legal framework governing domestically produced gold. Domestic gold production must first be offered to the central bank, which has a statutory right of first refusal. Serbia Zijin Copper has continued the model previously applied by RTB Bor, with each refined gold quantity offered to the NBS before any alternative sale.
The central bank has exercised this right consistently, meaning that gold produced through the Bor operations has remained within Serbia as part of official reserves. The system provides the NBS with a domestic supply channel for bullion acquisition, reducing reliance on international gold markets, while allowing the producer to sell output to an institutional buyer at market-related prices. The transaction does not represent a transfer of gold to the state without compensation. The NBS purchases the bullion, exchanging reserve assets or dinars for the physical metal.
Mining Value Extends Beyond Gold Purchases
The broader economic contribution of the Bor operations comes through several channels, including mining royalties, corporate taxes, payroll taxes, employment, domestic procurement and dividends connected with state ownership. China’s Zijin Mining Group owns 63% of Serbia Zijin Copper following its 2018 capital injection into RTB Bor, while the Serbian state retains a 37% ownership stake.
Gold production at Bor is primarily linked to copper mining and processing. The precious metal is recovered as a by-product from ore processed through the company’s mining, smelting and refining system rather than from a separate gold mine. This means gold output depends on copper production levels, ore quality, metallurgical recovery rates and refinery performance. Serbia Zijin Copper produced 123,286 tonnes of mined copper in 2025, while refined copper output reached 43,852 tonnes. Gold, silver and sulphuric acid production provide additional revenue streams from domestic mineral processing.
Gold Holdings Increase Within Serbia’s Reserve Strategy
The NBS has significantly expanded Serbia’s gold holdings over the past decade. Gold reserves increased from 14.8 tonnes in August 2012 to 54.565 tonnes at the end of June 2026, representing growth of almost 269%. The gold stock was valued at approximately €6.2bn and accounted for around 21% of Serbia’s gross foreign-exchange reserves. At the end of June 2026, Serbia’s gross foreign-exchange reserves stood at €29.609bn, down by €273mn from the record €29.882bn reached one month earlier. Net reserves declined by €362.8mn to €25.056bn.
The monthly reduction was linked partly to changes in international gold prices. During June, gold prices fell by approximately 11.4% in dollar terms, reducing the euro value of Serbia’s gold holdings by around €618mn, despite an increase in the physical amount of gold held. A stronger US dollar against the euro partially offset the impact, leaving total negative market effects on reserves at approximately €474.9mn.
Gold Allocation Creates Reserve Diversification Benefits and Risks
The reduction in reserve value was a market valuation effect rather than a sale or physical loss of gold. Gold does not generate interest income and can experience significant short-term price fluctuations. It provides diversification away from foreign government securities, bank deposits and reserve currencies, while avoiding direct credit exposure to foreign issuers.
The NBS strategy accepts bullion-price volatility in exchange for holding a larger amount of an asset that is not dependent on another institution’s financial position and can provide protection during periods of financial, geopolitical or currency instability.
The June price decline demonstrated the cost of this approach. With gold representing around 21% of reserves, Serbia’s portfolio is more exposed to bullion-market movements than a reserve structure focused primarily on deposits and short-term sovereign securities.
Despite the monthly decline, reserve levels remained above standard adequacy indicators. At the end of June, gross reserves covered approximately 6.8 months of imports of goods and services and equalled 164.3% of the M1 money supply.
Domestic Refining Keeps More Value Inside Serbia
The domestic gold acquisition model creates a closed industrial chain: ore extraction, processing, refining and central-bank purchase all take place within Serbia. The producer receives payment for the refined metal, while the bullion becomes part of the country’s sovereign reserve assets. Keeping processing activities inside the country preserves industrial capabilities, technical expertise and part of the value generated through metallurgical operations. It also allows Serbia to directly monitor production volumes and exercise its legal purchase rights. The gold reserve contribution does not replace broader questions surrounding mineral-sector returns.
Zijin controls the majority of Serbia Zijin Copper and also owns the separate Čukaru Peki operation through Serbia Zijin Mining. The expansion of Chinese-controlled copper and gold production has increased output and modernised facilities, while also raising the importance of transparent royalty calculations, environmental compliance, transfer-pricing oversight and independent verification of mineral content.
For the state, the economic impact of mining depends not only on bullion accumulation but also on fiscal revenues, dividends from ownership, processing activities retained domestically and long-term obligations connected with environmental management. The 17.005 tonnes of gold supplied by Serbia Zijin Copper now represent roughly one-third of Serbia’s total gold reserves by weight, strengthening the connection between Bor’s mining and refining operations and the country’s reserve-diversification policy. Continued deliveries at similar levels would make the performance of the Zijin-controlled complex increasingly significant for Serbia’s sovereign gold holdings.
