Australian company to mine in Serbia – Bindi Metals acquires projects in area of former Lisa Mines and in Mutnica near Paracin

Another Australian mining company is arriving to Serbia. It is Bindi Metals, which focuses on copper and rare metals explorations.

Bindi Metals has acquired two antimony-prospective licenses in Serbia - called Donja Mutnica and Lisa, from their Australian colleagues Apollo Minerals, Australian media report.

Antimony is most often used as a flame-retardant, as well as for the production of solar panels and batteries.

According to the sales and purchase agreement, Bindi Metals will pay USD 200,000 in cash and 1 million shares to Apollo’s Serbian subsidiary Edelweiss Mineral Exploration, for the Donja Mutnica license.

Provided that it gets the Lisa licence, Bindi will pay a further USD 200,000 in cash and 2.5 million shares.

The managing director of Apollo Minerals, Neil Inwood, says that this is an important deal for both companies, because it allows Bindi to explore two prospective antimony assets, whereas Apollo retains exposure to the upside exploration potential.

– We look forward to assisting Bindi as it makes an entry into the exciting jurisdiction of Serbia – Inwood says.

Apollo Minerals adds that this latest divestment allows them to focus on their two priority copper exploration assets in Serbia.

The data of the previous owners of Lisa confirmed the presence of historical ore resources of high quality in this area, where, between 1932 and 1951, around 60,000 tons of ore with up to 20% antimony content from shallow pits were produced.

Also, previous explorations in the Lisa area confirmed the presence of gold along with antimony, with a content of up to 2.5 grams per ton of ore, as well as up to 87 g/t of silver.

The Lisa antimony mines were owned by a French corporation, and after World War Two, they were nationalized. At that time, mining was the most important industry in Ivanjica, and according to some unofficial sources, the mines employed over seven hundred workers, reports Infoliga.

When it comes to Mutnica, previous reports show a content of up to 4.5% of antimony, whereas the recent data identify increased values of copper and other base metals.

Mutnica is 60 km away from the Cukaru Peki mine near Paracin. Last year, Apollo sampled the soil in the far eastern part of Mutnica, identifying several zinc-in-soil anomalies.

The chairman of Bindi Metals, Eddie King, said that the company was happy to acquire those two projects.

– These historical antimony-rich regions, with evidence of shallow past production, is ideally situated to assist Europe as it faces growing supply chain vulnerabilities for critical metals – he said and added that antimony played a critical role in both defense and renewable energy technologies.

Lisa Project tenure is currently in application and covers approximately 30 km² and Mutnica Project tenure is granted and comprises 50.5 km².

King said that the license for Lisa was expected to be issued by the end of 2024.

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Donja Mutnica

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sale and purchase of exploration rights