BHP Group Limited, through a wholly‑owned subsidiary, announced on 13 October 2025 that it has entered into a definitive option agreement with Mundoro Capital Inc. The agreement gives BHP an option to earn a 100 % interest in seven exploration licences covering approximately 418 km² of the Timok Magmatic Complex in eastern Serbia. The option will be exercisable over a 10‑year period and requires a total of roughly US$48.5 million (C$67.8 million) in exploration expenditures, milestone payments and option fees if BHP completes the earn‑in.
The seven licences include several advanced copper‑porphyry targets such as Markov Kamen, Orlovo and D‑vein, among others. Mundoro’s local geological expertise will be combined with BHP’s global geoscience team and porphyry exploration capabilities to intensify targeting and exploration activities. The partnership is designed to accelerate the discovery of new copper resources in a region that hosts several significant deposits and active mines.
Strategically, the option expands BHP’s copper exploration footprint into Eastern Europe, diversifying its geographic exposure and supporting the company’s focus on future‑facing commodities. The modest upfront cost relative to the potential upside aligns with BHP’s disciplined capital allocation framework and its pursuit of low‑cost, high‑margin assets. If the earn‑in is completed, BHP will hold full ownership of the licences, positioning it to develop the assets into future production streams.
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