Zijin to invest $800 million in Serbian mining sector in 2020

China’s Zijin Mine Production Group plans to invest $ 800 million (€ 718.2 million) in expanding its production capacity in Serbia in 2020.

Zijin aims to launch a project to expand the Veliki Krivlj and Majdanpek opencast mines and launch an investment aimed at opening a Cerovo 2 copper and gold mine this year.

The Chinese group intends to begin preparations to launch Borska Reka at the Jama underground mine, which is estimated to contain reserves of nearly 4 million tonnes of copper, 130 tonnes of gold and over 1,000 tonnes of silver.

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Moreover, Zijin plans to build a new sulfuric acid plant and a new electrolysis plant at the RTB Bor copper extraction and smelting complex and begin work on opening the Timok-copper-gold project’s upper Cukaru Peki mine in Serbia.

The Timok copper and gold project located in eastern Serbia consists of the upper and lower Cukaru Peki zones. Zijin owns 100% of the upper Cukaru Peki zone plus a 60.4% stake in the lower Cukaru Peki zone, while the rest with the American Freeport McMoran owns it. In November, Zijin signed an agreement to buy copper and gold at Freeport McMoran in Serbia for up to $ 390 million.

Zijin also has a majority ownership in RTB Bor. The Chinese group injected $ 350 million into RTB Bor’s capital in December 2018 and intends to invest a total of $ 1.26 billion in improving its manufacturing operations, opening new mines and increasing efficiency.

(Vecernje Novosti, 13.01.2020)



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