Balkan Events

China's Zijin Mining Group Co. plans new investment in Serbia's Cukaru Peki copper mine

14 september 2023

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China's Zijin Mining Group Co. is developing plans to expand its copper mine in eastern Serbia due to demand for the metal considered vital to the global energy transition. BalkanEngineer.com has learned this from bnnbloomberg.ca.

The company opened its Cukaru Peki copper-gold mine almost two years ago with an investment of $678 million, allowing it to reach deposits several hundred metres deep. Today, the company wants to drill nearly 2 km to make the most of the asset.

Cukaru Peki is located in the town of Bor, where copper, gold and silver have been mined for more than a century. The lower zone of the mine, at a depth of more than 460 m, is estimated to contain 2.2 million tonnes more copper than the upper zone.

The strategic partnership with Zijin Mining Group is actively changing the economic environment in eastern Serbia, given that the group employs around 7,000 workers and that average wages in the company are significantly above the national average. The group has invested more than USD 2.5 billion in the country and, thanks to its activities, Serbia is expected to rank among the largest European copper producers and one of the largest gold producers in the coming years.

Zijin Mining Group Vice President Wang Chun points out that the company, which includes the Zijin Copper and Zijin Mining companies, is pleased with its operations in Serbia. And the group's main idea is to further increase copper and gold production and continue with significant investments in environmental protection.

Photo source: canva.com

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