June 21, 2024
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HomeUncategorizedSerbia: Zijin plans to become Europe’s leading copper producer

Serbia: Zijin plans to become Europe’s leading copper producer

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The Chinese multinational corporation Zijin Mining Group has unveiled plans to ramp up copper production in Serbia to 450,000 tons annually, according to statements made by the company’s director, Chen Jinghe, as reported by the Serbian news agency Beta. If realized, this would position Serbia as Europe’s primary supplier of this crucial raw material.

In addition to boosting copper output, Zijin also intends to increase its gold mining operations in Serbia, with an anticipated annual output of ten tons, Beta reported, citing comments made by Chen Jinghe during a visit by Serbian journalists to China.

Highlighting the significant investment made by the company in Serbia’s RTB Bor, which it acquired, Chen Jinghe noted that the investment exceeded initial projections, amounting to nearly $1.3 billion. Furthermore, he emphasized that the mining operations had surpassed expectations outlined in the 2018 contract.

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Looking ahead, Zijin plans to channel future investments towards the development of underground copper and gold mines. With copper reserves estimated at approximately 20 million tons and gold reserves ranging from 700 to 800 tons, the company aims to capitalize on Serbia’s rich mineral resources.

In the preceding year, Zijin extracted 240,000 tons of copper and 7.5 tons of gold in Serbia, underscoring its growing presence in the country’s mining sector.

The Serbian Ministry of Mining and Energy reports that the number of companies engaged in geological exploration for gold and related metals has nearly doubled, with 31 companies currently active in this field.

Overall, Serbia boasts substantial proven reserves of copper, gold, and related metals, estimated at around 1.7 billion tons by the Geological Survey of Serbia. Predominantly located in eastern Serbia, the largest gold deposits are found in mines such as Majdanpek and Bor.

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