New mine near Bor: 70 tons of gold and copper deposits

Canadian company, Nevsun has made public its preliminary economic feasibility study according to which 1.5 billion US dollars is needed to start exploitation in the copper and gold mine near the town of Bor.

The exploitation period is supposed to last 15 years, and, at the end of this period, a close to a million tons of copper and 70 tons of gold should be extracted.

“In cooperation with the Serbian government, we could start preliminary activities on opening the mine in Cukaru Peki near Bor come next year”, said Peter Kukielski, CEO of the Canadian mining giant. “If everything goes according to plan, the mine should become fully operational in 2021”, he adds.

The copper and gold deposits are located deep within the mine. We are talking about 42 million tons of ore deposits with an average copper content of 2.6%, gold content of 1.65 grams per ton, and Arsenic content of 0.13%. 

If we take into account the current prices on the London Metal Exchange, the gross value of the Bor deposits is over 12 billion dollars. Nevsun will have to pay 15% in taxes into Serbian budget, as well as the mineral utilization fee in the amount of 5% of the net revenue.

The upper zone of the Cukaru Peki mine is 100% owned by Nevsun, and the company continues with drilling there to confirm continuity of deposits.  As far as the exploration of the deeper zone of the mine strip is concerned, Nevsun has partnered with the American mining corporation, Freeport-McMoRan.

(Vecernje Novosti, 29.10.2017)

This post is also available in: Italiano

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