The operations and investments of Zijin Bor Copper, but also the highest price of copper on the global market in this century, could double the company’s share in the Serbian GDP this year compared to 2019, experts from Macroeconomic Analyses and Trends (MAT) magazine says.
As they say, Zijin Bor Copper, considering the current copper price of USD 9,000 per tonne, could contribute to the growth of the GDP by more than 0.2%. They remind that, in 2019, the company’s share in the national GDP was 0.1%.
Last year, Zijin’s investment projects amounted to EUR 172.4 million, of which EUR 124.9 million was related to local suppliers.
“The estimate is that the investment projects generated RSD 6.6 billion (EUR 56.4 million) of gross added value in 2020, which is 0.12% of Serbia’s GDP for 2019,” MAT says.
In 2020, Zijin Bor ranked second on the list of the biggest exporters from Serbia with USD 388.9 million, whereas, in 2019, it was eighth, MAT says.
MAT also estimated that Zijin Bor was profitable in 2020 as well. The company currently has 5,482 employees, a 327 increase from 2019.
Zijin Bor Copper’s sales revenues reached USD 700 million, which is 34.4% more than in 2019.
The MAT analysis is based on the fact that, early this year, the price of copper in the global market exceeded USD 9,000 per tonnes, which, considering the value of the dollar, is the highest price recorded this century.
Copper is an extremely valuable metal due to its wide application primarily in industry and is also important for renewable energy sources and electric mobility, and due to the relatively small global reserves, copper has strategic importance.
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