First ore reached the surface at DPM Metals' Čoka Rakita gold mine in Serbia on July 1, 2028, launching operations at a project valued at $782 million net present value. The underground mine holds probable reserves of 7.34 million tonnes grading 6.44 grams per tonne gold.
The mine will process 850,000 tonnes annually through long-hole open stoping with cemented paste backfill. Production averages 148,000 ounces per year over nine years, peaking at 189,000 ounces annually in the first five years. Total output reaches 1.34 million ounces with 87.9% metallurgical recovery.
All-in sustaining costs of $644 per ounce place Čoka Rakita in the first quartile globally. Cash costs run $538 per ounce with mining at $203, processing $156, and general costs $88 per ounce. The project required $448 million initial capital including $129 million for mine development and $63 million for processing facilities.
Production in 2029 will deliver 106,000 ounces as operations ramp up. Output jumps to 239,000 ounces in 2030 and 247,000 ounces in 2031 as miners access higher-grade zones averaging 10.2 grams per tonne. Grades decline to 4-5 grams per tonne in later years.
The mine sits 35 kilometers northwest of Bor, Serbia, near DPM's existing Chelopech operation. Discovery occurred in 2023 with feasibility completed within 36 months. DPM held $414 million cash and zero debt at September 30, 2025, with a $150 million credit facility available.
At $1,900 gold prices, the project generates 36% internal rate of return with 1.8-year payback. Economics improve at higher prices: $2,500 gold delivers $1.3 billion NPV and 49.5% IRR. Break-even scenarios remain robust with $1,500 gold producing $427 million NPV.
Recovery splits between doré at 27%, gravity concentrate at 16%, and flotation concentrate at 45%. Sustaining capital averages $3.2 million annually with $30 million closure costs reserved.
The project strengthens DPM's position in Balkan mining operations and adds low-cost production to global gold supply during a period of constrained new mine development.