China's Zijin to invest over €730m in Serbia

Zijin Bor Copper, the Serbian unit of China's Zijin Mining Group, has announced its plans to invest over €730-million in the expansion of its production capacity this year and next, Serbian energy minister Aleksandar Antic has said.

Zijin says it will invest the money into the reconstruction of existing mines, and the opening of new ones, increasing the capacity of its copper smelter and strengthening the its environmental protections. 

Despite the coronavirus outbreak, production of copper at the mining and smelting complex is going ahead without delay, Antic said during a meeting with the general manager of Zijin Bor Copper, Jian Ximing, in Belgrade.

In January, Zijin Bor Copper said it targets a profit of €6.8-million this year. The company plans to process 437,000 tonnes of copper concentrate and produce 122,000 tonnes of anodes, 90,000 tonnes of cathodes,370,000 tonnes of sulphuric acid, 1,833 kg of gold and 11.9 tonnes of silver in 2020.

The Chinese group injected €279-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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