Zijin delivered 17 tonnes of gold to Serbia's central bank
Serbia Zijin Copper has sold 1,356 gold bars to the National Bank of Serbia since taking over the Bor basin, a quantity equal to Serbia's entire gold reserves a decade ago.
- Serbia Zijin Copper has delivered 17,005 kilograms of gold to the National Bank of Serbia over seven and a half years, or 1,356 bars.
- In the first half of 2026, 164 bars weighing 2,057 kilograms were handed over.
- That volume matches Serbia's entire gold reserves of ten years ago.
- The law requires all mined gold to be offered to the central bank first, and the bank has never once let that right of first refusal lapse.
Serbia Zijin Copper has sold 17,005 kilograms of gold to the National Bank of Serbia since the Chinese company took over the Bor basin, the company announced. That amounts to 1,356 bars handed over across seven and a half years, averaging roughly 12.5 kilograms per bar.
The figure only acquires meaning through comparison: the volume equals the entire gold reserve Serbia held a decade ago. One mining basin, in other words, has delivered in under eight years as much metal as the state once kept as the whole gold backing of its foreign reserves.
In the first half of 2026, 164 bars with a combined weight of 2,057 kilograms were delivered. The average annual pace across the full period works out to about 2,270 kilograms, so a half-year figure of 2,057 kilograms shows delivery dynamics in 2026 running well above the multi-year average. Should the second half hold a similar level, this would be the strongest year of the cycle so far.
Why does all the gold from Bor end up in the central bank vault?
The answer lies in legislation rather than in negotiating skill. All gold produced must first be offered to the National Bank of Serbia, which holds the right of first refusal. The company stresses that it has not altered its gold placement model, continuing instead the practice that applied before the change of ownership in Bor.
In practice, the central bank buys what is offered. Not once has the National Bank declined to exercise that right, which means the metal never leaves the country: it stays in Serbia as part of the national reserves. Were the central bank to pass, the gold could be sold to other buyers, most likely on the international market.
The mechanism is therefore quieter than it looks. There is no tender, no auction, no negotiation over the destination of a shipment. There is only the obligation to offer and a central bank decision that, judging by the record so far, comes back affirmative every time.
What faster deliveries mean for reserves
For the National Bank this is the cheapest available channel for strengthening the gold share of its reserves. Instead of buying on foreign markets, with transport, insurance and intermediary costs attached, the metal arrives through domestic production and stays in a domestic vault. For the budget and the balance of payments the difference is not cosmetic: gold bought at home does not consume foreign currency the way imported bars do.
For Zijin, the obligation to offer means a guaranteed but predetermined buyer. The mine cannot choose its moment on the world exchange, which may look like a constraint while the gold price is climbing and like protection when it falls. The company treats this part of the business as a routine delivery, with no public dispute over terms.
The next test arrives with second-half data for 2026 and the official review of foreign reserves. That is when it will become clear whether 164 bars per six months is the new normal or the exception of one strong production season.
Would you rather see gold from Bor stay in domestic reserves, or be sold at the best market price wherever the buyer happens to be?
