A big project starts near Bor
The value of shares on the stock exchange jumped to the Chinese company “Zidjin mining”, as they announced that they would start the exploitation of copper and gold at a new deposit in Serbia.
Shares of the Chinese company, which is the owner of the former RTB Bor, jumped on the Hong Kong stock exchange by 13 percent, and with a subsequent slight decline, the total growth in the value of shares of “Zidjina” was 8.2 percent, reports “Market Watch”.
“Zidjin” previously announced that it had received a permit from the state of Serbia for exploitation in the upper zone of the Čukaru Peka deposit, and that excavations would begin.
Reserves in that zone are estimated at 1.28 million tons of copper and 81 tons of gold, it was announced from “Zidjin”. It is planned to mine about 3.3 million tons of ore annually. According to estimates from the Chinese company, the project will have a production of 50,000 tons of copper and three tons of gold in 2021.
Exploitation at the Čukaru Peka deposit comes at a time when the price of copper on world markets is rising, according to Goldman Sachs. A significant shortage of that metal is expected in the last quarter of the year, and “global copper reserves could fall to a historically low value by the end of 2021,” the investment bank estimates. They expect that the price of copper on the world markets could reach 10,500 dollars per ton by the end of the year, reports “Market Watch”.
As the Minister of Mining and Energy, Zorana Mihajlović, stated earlier, with the opening of the new mine, Serbia will become the second producer of copper and gold in Europe.