Rio Tinto Exploration Dunav, a subsidiary of the global mining giant Rio Tinto, has indicated plans to establish a mine following the completion of its exploration activities, pending approval from the Ministry of Energy. This statement appears in the company’s 2023 financial report, which outlines the company’s operations and its intentions in Serbia.
Registered in April 2018, Rio Tinto Exploration Dunav is the second Rio Tinto company in Serbia, alongside Rio Sava Exploration, which focuses solely on the Jadar project. Unlike Rio Sava, Rio Tinto Exploration Dunav was founded more recently and specializes in mineral exploitation, as well as the production of mineral fertilizers and chemicals.
The company’s majority owner is Rio Tinto Minerals Development Limited, based in the UK. Ultimately, it is controlled by Rio Tinto PLC, listed on the London Stock Exchange.
Although Rio Tinto Exploration Dunav does not currently hold permits for mineral exploration, its website notes that the company is exploring potential opportunities for copper deposit exploration, both within Serbia and the broader region. Additionally, the company is involved in mineral research projects in Eastern Serbia, in cooperation with Zijin Mining.
Dimitrios Kastis, a representative from Rio Tinto Exploration Dunav, explained to Forbes Serbia the nature of this cooperation. “Our local team in Serbia first partnered with Reservoir Minerals and later with Nevsun Resources in 2015, following Serbian regulations. After Zijin acquired Nevsun in 2018, we continued our collaboration to explore for gold in the Bor region,” he said.
However, Kastis noted that the success rate of global mineral exploration is extremely low, with less than 1% of exploration activities leading to the opening of a new mine. He added that there have been no new discoveries or areas of interest to justify seeking additional exploration permits in the near future. As a result, the company has not applied for any new exploration licenses in Serbia or the surrounding region.
According to the 2023 financial report, Rio Tinto Exploration Dunav employed just two people in 2023. The company’s capital was increased in November 2023 to 423.2 million dinars. Compared to 2022, the company experienced a significant drop in revenue, earning only 310,000 dinars in total revenue, down from 10.9 million dinars in the previous year. The company’s net loss also decreased slightly from 42.6 million dinars in 2022 to 37.8 million dinars in 2023.
Other copper exploration companies in Serbia
In addition to Rio Tinto Exploration Dunav, several other companies are involved in copper exploration in Serbia, including Konstantin Resources (Australia), Zlatna Reka Resources (UK), Electrum Discovery (Canada) and Adriatic Metals (UK).
Domestic companies involved in copper exploration are rare, with only a few firms owned by individuals. These include Balkan Phosphate, owned by Dragan Janković, Copper Co doo, owned by Dragan Milošević, Calico Metals, co-owned by Zoran Petrović and Predrag Lukić, and Mineral Group, owned by Slobodanka Lazarov. These companies primarily operate in Eastern Serbia, holding licenses for mineral exploration granted by the relevant ministry. Most of these are micro-enterprises with one or two employees.