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Home/News/The Chinese invest 800 million dollars in Serbia’s copper and gold

The Chinese invest 800 million dollars in Serbia’s copper and gold

China’s Zidjin will invest 800 million dollars this year in capacity expansion at RTB Bor, as well as in the development of a new copper and gold mine, Cukaru Peki.

According to Novosti, Zidjin will start expanding the surface mines “Veliki Krivelj” and “Majdanpek” this year and invest in the opening of a new copper and gold mine “Cerovo 2”.

In addition, preparations will be started at the Jama underground mine for the activation of the Borska Reka reservoir, whose cap is at a depth of 450 meters.

The beginning of reconstruction and expansion of the capacity of the copper smelter is also planned, from the current 80.000 to as much as 200.000 tonnes of copper per year, construction of another sulfuric acid plant, new electrolysis, etc. The most difficult task for the Chinese is said to be the work on opening the upper zone of the Cukaru Peki mine, where reserves of about one million tonnes of copper and close to 70 tonnes of gold have been established.

This mine is expected to become fully operational by mid-2021.

In addition, RTB’s strategic partner purchased rights from the US-based Friport Company for close to 400 million dollars into the lower zone of the reservoir, where resources of nearly five million tonnes of red and nearly 150 tonnes of precious metal were found – almost the same as the amount of these metals obtained in 115 years of mining in Bor.

In cooperation with Bor Institute for Mining and Metallurgy, Zidjin has started development of the main mining project for exploitation of Borska Reka underground reservoir.

The site is estimated to contain reserves of about four million tonnes of copper, 130 tonnes of gold and more than 1.000 tonnes of silver whose gross value, at current prices, is more than 30 billion dollars, reports Novosti.