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China Zijin Group to invest in Serbian Copper Project

Metal News - Published on Wed, 11 Sep 2019

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SeeNews reported that China's Zijin Mining Group plans to invest USD 474 million in the development of the Cukaru Peki Upper Zone mine of the Timok copper-gold project in eastern Serbia. Serbian energy minister Aleksandar Antic has signed a Memorandum of Understanding for the development of the Cukaru Peki Upper Zone with Zijin Mining Group and plans to start production of copper ore in the area in 2021.

Zijin aims to produce 200,000 tonnes of copper annually, of which more than 120,000 tonnes to come from concentrate of Zijin Bor Copper, the Serbian unit of Zijin Mining Group, and 80,000 tonnes from the future Cukaru Peki Upper Zone mine, Antic was quoted as saying on the sidelines of the China International Fair for Investment and Trade in Xiamen.

The Chinese group injected USD 350 million in the capital of Serbian copper mining and smelting company RTB Bor in December 2018, acquiring majority ownership, and renamed it to Zijin Bor Copper.

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Posted By : Rabi Wangkhem on Wed, 11 Sep 2019
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