is a lead in an international group of companies focused on the base metal mining and refining of metals.


Our vision is to increase value for shareholders and to always look for opportunities to improve operational efficiency

We are constantly looking to modernizing production in all of the assets of its affiliates and partners that it manages, and assets that it works with in liaison with Mineco Group ( Our project pipeline has a compelling internal rate of return and is expected to deliver strong volume growth.

Ciklomen is a lead in an international group of companies focused on the base metal mining and refining of metals. Established in 2006 Ciklomen is based in the Western Balkans, Estonia and Czech Republic Ciklomen and is privately owned.

Ciklomen has a high-quality pipeline of both near term and longer-dated projects across the portfolio. By reinforcing capital discipline and reshaping our projects, we retain significant, high-quality growth despite further reducing our capital expenditure.


Ciklomen as a member of international company group, in cooperation with Mineco will continue to build strong and lasting relationships with local and regional host communities and governments, and mitigate the impacts that our activities and products have on the environment.


We will maintain our uncompromising focus on safety, continuing to target fatality elimination, catastrophic event prevention and injury reduction.


Generating and conserving cash will be a key business imperative during 2019. We will continue to ensure our capital is deployed in the most efficient way, and will continue to reshape our portfolio to focus on the highest-returning assets in our preferred industry sectors.


We will further enhance our portfolio as we progress a number of key growth projects, including the Bosilegrad lead and zinc project in Serbia, and the preparatory work for the proposed underground works in Olovo, Bosnia and Herzegovina. Importantly, we will deliver measured, value adding growth while maintaining our capital expenditure at 2018 levels.


Our strong focus on costs will continue in 2019, as we target further operating, exploration and evaluation cost will provide savings for shareholders and continue to reduce our working capital.


We will continue to leverage our strength in technology and innovation, and our leading commercial capabilities, to ensure we remain the supplier of choice to our customers and maximize the cash generated from every business opportunity.

Base metal mines represented in the portfolio held by Ciklomen Group jointly with Mineco

In Serbia:



Bosil Metal


Bosil Metal is located in the far south of Serbia in the town of Bosilegrad. It is an emerging mine and the project is at the final stages of development with over 4 million tons of reserve of lead, zinc and copper.

Veliki Majdan


Veliki Majdan is located close to the city of Ljubovija in Western Serbia. The mine has 150.000 tons of reserve of lead and zinc ore. Veliki Majdan employing over 300 people.


In Bosnia & Herzegovina





Gross is located in Eastern Bosnia & Herzegovina. It was awarded the concession to operate Sase mine in 2005 .The mine has over 6.5 million tons of reserve producing lead and zinc ore. Gross is increasing production every year.  Employing 500 people Gross mine has made a commitment demonstrate leadership delivering to the local communities.


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Continued cooperation across the region:


Our clients and partners include mining companies: Suplja Stijena - Gradir Montenegro, Rudnik, Grot, Lece, Trepca Stari Trg, Trepca Leposavic.


International Partners


Ensuring technical support and provision of mining equipment


Ciklomen, as a trading arm of the group of companies and its center of excellence providing innovative and efficient solutions for mining industry, offering exclusive expertise and services for technical evaluation and planning for all the group and partner mines, supplying a range of equipment in accordance with the production needs of each enterprise, as well as repairs and technological support.

Our areas of specialization include geosciences, mining, drilling and blasting, comprehensive engineering services and change management specific to improved operational performance

One of our key objectives is: ensuring efficiency of mining


Ciklomen is open to cooperation and other business opportunities where our expertise would make a contribution to improved efficiency of your company. Ciklomen Group employs a team of experienced international experts based in the field mining sites and refineries and Belgrade, Prague and Tallinn offices with a focus on Earth Systems Engineering centred specialized in mine planning and development, computer aided mine design, rock mechanics, operations research applied to the mineral industry, environment and sustainability considerations, mine mechanization, mine evaluation and finance and management.

Research and investigative work


Optimization of flotation process for poly metallic ores: research laboratory with a skilled team of engineers, chemists and technicians providing metals testing solutions for the following:


  • Verifying the quality of raw materials and end products
  • Researching material and product failures
  • Uncovering production issues
  • Meeting regulatory requirements


The chemistry laboratory is able to perform qualitative and quantitative elemental analysis, even at trace levels, and analyse a variety of materials in addition to metals including powdered metals, ores and ferro-alloys. Laboratory Testing is fully equipped to prepare test specimens and samples for all metal tests performed in our testing departments.

Equipment, materials and supplies


Ciklomen Investment is offering underground mining equipment, including but not limited to loaders, dumper trucks, boomers as well as a wide range of floatation reagents, such as xanthates, zinc sulphate and others high-quality mining and metallurgy materials.

Long-term cooperation


Ciklomen Invest works with leading mining, service and consulting companies in the United Kingdom, China, Ukraine, Russian Federation, Republic of Cyprus, Poland, Bulgaria, Macedonia, Montenegro and Kosovo.

We are open for long-term cooperation and continuously explore the market to find new solutions for our clients to meet their needs.


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