The town is famous as a copper mine district, since the early 17th century. The origin of the name is based on words majdan (related to Turkish madän, mine) and river Pek - mine on river Pek. Throughout its history, mining development was held by many foreign owners (Czechs, Belgians, Austrians), and was extensively exploited. The town was industrialized in the mid-20th century, by the industrial program supported by SFR Yugoslavia's Government of that time, and the personal influence of J.B.Tito (marshal and lifetime prime minister since the end of WWII until 1980). Through the late 20th century, the town was in a period of industrial progress and one of the most developed areas in copper mining and metallurgy.