NORTH MACEDONIA Trends and Developments Contributed by: Ana Tosic Chubrinovski, Ivica Jevtic, Ljupka Naumoska Gjorgjievska and Marija Boceska, JPM Partners North Macedonia
North Macedonia’s mining sector presently stands at a fundamental strategic inflection point shaped by the simultaneous interaction of three processes of histori - cal significance: comprehensive regulatory reform, the intensification of European integration dynamics, and the structural transformation of global market archi - tectures associated with the energy transition. At the centre of this complex interplay lies the country’s poly - metallic resources – most notably copper, lead, zinc, gold and silver – which are progressively migrating from the traditional extractive-industry model towards a strategic role within contemporary European sup - ply chains for critical raw materials. These materials are indispensable for electrification, the development of renewable energy sources and the construction of modern energy infrastructure. Historically, the mining sector developed within constrained regulatory frameworks largely oriented towards domestic demand and a coal-based energy cycle. Development trajectories were frequently bur - dened by institutional inconsistencies, fragmented administrative competences and insufficient integra - tion of environmental standards. The current objec - tive is to replace this legacy model with a modern governance paradigm that combines alignment with EU standards, clear rules ensuring investor certainty and the systematic integration of environmental and social considerations into business practice. Political stability, the country’s consistent commitment to EU accession and the sustained strengthening of institutional capacity have produced a direct positive effect on regulatory transparency and legal predict - ability. Government policy has moved beyond the reductive approach of perceiving mining solely as a source of concession and fiscal revenues, embedding the sector instead within a broader industrial strategy directed at regional development, economic diver - sification and the creation of a skilled labour force. This strategic repositioning is fully aligned with rec - ommended European standards and regulatory guid - ance. From an investment perspective, this evolution trans - lates into North Macedonia’s gradual positioning as a European-aligned investment environment offering the combined advantages of a stable regulatory frame -
work and underutilised geological potential. Within this transformation, the country’s established indus - trial tradition in the lead and zinc segment remains particularly significant. Operators such as Bulmak 2016, through production stabilisation, plant moderni - sation and the phased integration of ESG standards, demonstrate that mining operations can simultane - ously generate substantial added value while man - aging environmental and social responsibilities in a A central catalyst of the current reform process has been the establishment in 2024 of the Ministry of Ener - gy, Mining and Mineral Resources as a specialised governmental body tasked with co-ordinating energy policy, climate objectives and mineral resource man - agement. This institutional development confirms the state’s commitment to implementing an integrated policy framework in which mineral extraction is subor - dinated to long-term developmental and environmen - tal objectives. The reform agenda is anchored in the adoption of two systemic laws – the Law on Geology and the Law on Mining – which are intended fully to replace the existing Law on Mineral Resources. contemporary, responsible manner. Comprehensive Regulatory Reform These statutes establish a coherent legal architec - ture governing all phases of mining activity, including exploration, exploitation, operational monitoring, envi - ronmental protection, financial security instruments for concessions and legally binding mine closure obligations. Their preparation has been the outcome of a structured expert-driven process implemented with direct support from international specialists and full alignment with best European regulatory practice. Public consultations conducted through the national ENER platform ensured inclusive participation by municipalities, the academic community, the business sector and civil society organisations. In this manner, the reform has acquired the character of a societal consensus on the future configuration of modern min - ing in Republic of North Macedonia over the coming two decades. For investors, this consensus is of par - ticular importance, as it replaces regulatory unpredict - ability with a clearly articulated and widely endorsed strategic vision.
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