Mediolanum Invest invests 34.2 million euros in the gold mining potential of the Serbian mine Lece

10 february 2025

Serbian brokerage company Mediolanum Invest has officially acquired the assets of the Lece gold, lead and zinc mine located in the southern town of Medvedja, BalkanEngineer.com has learned from SeeNews.com. The deal was finalized at a public auction held on December 27, 2024, with the purchase price reaching SR4 billion (about 34.2 million euro), according to the Serbian Insolvency Supervision Agency.

snimka1 SR

The amount paid matched the starting price of the auction, which represented half of the estimated value of the assets of the bankrupt company Farmacom MB, the previous owner of the mine. Pharmacom MB went bankrupt in 2017 after failing to stabilise its financial position despite the strategic importance of its assets.

The sale of the Lecce mine was originally scheduled for August 2024, but was postponed following court appeals from creditors and interested parties, including Moderano Investments, Alta Banka and the former owner of Pharmacom MB, Miroslav Bogicevic himself. The main objections were related to the high bidding fee and the low starting price of the mine. Following a court order, the bidding fee was significantly reduced - from over 129 million dinars to just 1 million dinars, making the process easier for potential buyers. However, the starting price for the mine assets remained unchanged.

The assets of Pharmacom MB acquired by Mediolanum Invest include buildings, land and equipment for mining and processing of metal ores. The Lecce mine has been the subject of considerable interest, particularly since Bogicevic announced in 2010 that chemical analyses indicated the mine had the potential to become one of Europe's largest gold deposits.

Mediolanum Invest, founded in 1997 and based in Belgrade, is owned by Serbian entrepreneurs Danilo Jovanovic, Velimir Jovanovic and Gordana Mitić Jovanovic, who hold a 28.5% stake each. The rest of the company is controlled by the advertising agency Mediolanum, also linked to Velimir Jovanovic.

snimka2 SR

Photo source: ©Engineer.BG via Canva

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