The Serbian government is expecting China's Zijin Mining Group to open the Cukaru Peki Upper Zone mine of its recently acquired Timok copper-gold project in the latter half of 2021, according to the country's energy minister, Aleksandar Antic.
Cukaru Peki project site
Cukaru Peki project site in Serbia Credit: Rakita
"The certified reserves at the Cukaru Peki Upper Zone stand at about 44.7 million tonnes of ore with a high copper content and associated gold and silver," Antic said in a video posted on new agency Tanjug's website, adding: "We expect the beginning of works on the opening of the mine in 2020, and the first production of copper in the second half of 2021."
He went on to say that Zijin's receipt of the necessary certification meant that efforts to open the mine could now be heavily intensified.
The government anticipates that the country's booming mining sector will start generating between 4% and 5% of Serbia's total GDP within the coming few years, a significant increase on its current 2%.
Last September, Antic said Zijin plans to invest €422.9-million in the development of the Cukaru Peki Upper Zone mine and to produce 200,000 tonnes of copper annually.
The Timok copper and gold project located in eastern Serbia consists of the Cukaru Peki Upper Zone and Lower Zone. Zijin owns 100% of the Cukaru Peki Upper Zone plus a 60.4% stake in the Cukaru Peki Lower Zone, while US-based Freeport McMoRan owns the remainder.
In November, Zijin signed an agreement to acquire Freeport McMoRan's copper and gold assets in Serbia for up to €350-million.
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