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Mining News

Serbia’s deposits of gold and copper remain among richest in region

The Novi Sad-based daily Dnevnik is reporting that Serbia remains the only site anywhere in the world of “the new mineral” jadarite.

The mineral was discovered in 2006 in the country’s western Jadar River Valley, and according to preliminary estimates, the deposits there can cover at least ten percent of the global demand for such highly sought-after elements as lithium and borate.

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At the same time, Serbia’s deposits of gold and copper remain among the richest in the region.

“In any case, additional geological surveys are necessary in order to fully learn about all geological characteristics of these deposits,” says Rade Jelenkovic, a professor at Belgrade University’s Faculty of Mining and Geology.

“The most important in all this is actually the economy. The production price of copper should be less than the market, selling price, otherwise exploitation would produce negative economic effects, that is, a loss,” he added.

35 companies – 80 percent of which have foreign capital – are currently exploring in Serbia for a variety of ores and minerals. There are currently 120 active exploration fields, and another 90 are awaiting licensing. The state, meanwhile, has no money for this activity.

“Geological surveys are expensive and time-consuming tasks, that carry with them great risk,” explains geologist Dusan Podunavac.

“Geological surveys typically not always end with the opening of a mine, because the job of proving that deposits exists is commercial, it must show that there is value to opening a mine,” Podunavac added.

Source: inserbia

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