You will be redirected to the website of our parent company, Schönherr Rechtsanwälte GmbH: www.schoenherr.eu
North Macedonia's mining and mineral resources sector could see new investment opportunities following the adoption of the Strategy for Geological Exploration, Sustainable Use and Exploitation of Mineral Resources for 2026–2046 (the "Strategy").
The Strategy sets out a long-term framework to unlock the country's mineral potential, revitalise former mining sites and expand renewable energy generation, opening up investment opportunities across several interconnected industries. These ambitions are supported by ongoing legislative reforms, including two draft laws on mining and geology, aimed at aligning national legislation with the EU Critical Raw Materials Act and establishing a framework for recognising strategic mineral projects.
The Strategy identifies North Macedonia's diverse geological resources as an important foundation for future industrial development and investment. The country possesses significant deposits of metallic minerals, including copper, gold, silver, lead, zinc, nickel and chromium. According to the Strategy, reported reserves include approximately 76.2 million tonnes in the copper-and-gold category and 64.3 million tonnes in the copper category.
Non-metallic resources also present investment potential, particularly in construction materials and industrial processing. The Strategy identifies substantial deposits of limestone, marble and other industrial minerals, including approximately 386.8 million tonnes of limestone and 209.2 million tonnes of marble. To facilitate future investment, the Strategy envisages improved geological mapping, digitalisation of geological records and greater availability of geological information. These measures are intended to support the identification of economically viable deposits and improve investment conditions.
One of the Strategy's most significant investment-related priorities is the redevelopment of closed and exhausted mines for renewable energy generation. Former mining sites may offer favourable conditions for photovoltaic and wind projects due to the availability of previously developed land, road infrastructure and existing electricity network connections. The Strategy identifies the redevelopment of the Oslomej mine through photovoltaic projects as an example of this approach.
Building on this experience, the Strategy identifies five mining sites with additional renewable energy potential: Suvodol, Brod-Gneotino, Piskupština, Damjan and Sasa.
According to assessments referenced in the Strategy, these sites could accommodate photovoltaic installations with an aggregate capacity of at least 664 MW, including at least 480 MW at Suvodol alone. The Damjan and Sasa sites have also been identified as potentially suitable for wind power generation. The Strategy establishes a target of developing at least 500 MW of renewable electricity generation capacity at former mining sites by 2030.
These objectives could create opportunities for renewable energy developers, infrastructure investors and mining operators, potentially including public-private partnerships. However, the development of individual projects will remain subject to technical feasibility, environmental assessments, land-use arrangements and applicable permitting requirements.
Alongside the Strategy, two draft laws, the Law on Mining and the Law on Geology, have been published for public consultation. The proposed legislation aims to modernise the existing regulatory framework and align national legislation with the EU Critical Raw Materials Act (Regulation (EU) 2024/1252). Of particular relevance to investors is the proposed introduction of a framework for recognising strategic mineral projects. Under the proposed legislation, the Government would be empowered to recognise qualifying projects as strategic, with such status intended to streamline the relevant permitting procedures.
Beyond renewable energy, the Strategy identifies opportunities for repurposing former mining sites for waste management and other industrial activities. In particular, it envisages assessing whether exhausted open-pit mines could be converted into regional municipal waste management facilities, sludge disposal sites or facilities addressing hazardous mining waste. The Strategy also calls for a feasibility study examining potential solutions for waste facilities associated with the former Jugohrom industrial complex.
Another area of potential investment is the recovery and processing of mining waste and tailings as secondary raw materials. Subject to appropriate treatment and environmental safeguards, such materials could potentially be reused in construction and other industrial processes.
These initiatives may create opportunities for investors specialising in waste management, environmental remediation, recycling technologies and industrial redevelopment.
The Strategy also identifies opportunities for further development of groundwater and geothermal resources. North Macedonia has considerable groundwater potential, with opportunities for investment in water supply infrastructure, irrigation and commercial bottling, supported by further geological exploration and improved resource monitoring.
Geothermal energy represents another potential area of development. The Strategy identifies 18 geothermal fields with more than 50 geothermal springs, wells and boreholes, with recorded water temperatures generally ranging from approximately 21°C to 78°C. Although currently explored geothermal resources are not considered suitable for economically viable conventional electricity generation, opportunities exist for their expanded use in greenhouse heating, agriculture, district heating and industrial applications. Further exploration could help identify additional geothermal potential.
The Strategy places considerable emphasis on improving the environmental performance of mining activities, which will remain an important consideration for prospective investors. Among its objectives are the modernisation of 50 % of active mines by 2035 and 80 % by 2040, alongside reductions in emissions, freshwater consumption and greenhouse gases. It also envisages the rehabilitation of contaminated mining areas, wider implementation of water-recycling systems and improved protection of biodiversity and natural habitats.
These priorities could stimulate demand for environmental technologies, mine rehabilitation services and more sustainable mining infrastructure, while introducing additional environmental considerations for future mineral resource projects.
The Strategy, supported by an initial Action Plan for 2026–2030, reflects North Macedonia's commitment to attracting investment and modernising its mining and mineral resources sector. For prospective investors, the most notable opportunities may emerge in mineral exploration and processing, renewable energy development at former mining sites, circular economy projects and geothermal applications.
Author: Filip Zafirovski