UK ‘s Mineco lead zinc mine Veliki Majdan business results
Since 2009, when the production was restar
Lead and zinc mine Veliki Majdan near Ljubovija, which is majority owned by the British company Mineco, successfully completed 2016, the eighth year since the restart of production.
In 2016, around 51,000 tons of ore was produced in the mine, which is fully in line with the plan and on the level of production in recent years. At the same time, the mine has recorded profit increase compared to the previous year, owing to the price recovery on the metal price market. That is why there has been an increase of mining royalty by about 34 percent. For that purpose Veliki Majdan Mine paid EUR 377,883 for 2016 to the Republic of Serbia. The mine currently employs about 300 people, whose gross salary ranges from USD 1,000 to 1,500.
In this year, the Mine plans to maintain the production at the same level, with an investment of about half a million dollars in new equipment, as well as USD 1.2 million in new exploration sites Kram and Rebelj.
Last year, in cooperation with the local authorities the mine conducted the revitalization of the local road which improved the infrastructure for local residents.
Veliki Majdan Mine fulfills all obligations regarding the environmental protection and is constantly investing in the maintenance of system for the protection of natural water. Rehabilitation of the tailings dam and other infrastructure facilities, which was thoroughly conducted 10 years ago when Mineco took over the mine, a high level of security was reached. The level of environmental protection of the river Drina has been increased, and a threat to the health of residents has been eliminated. Tailing pond, which is one of the safest in Serbia is regularly maintained and improved, as well as other mine facilities.
Since 2009, when the production was restarted in Veliki Majdan Mine, more than 400,000 tons of ore was processed, and about 30,000 tons of lead and more than 27,000 tons of zinc concentrate were produced.
The mine made it out of bankruptcy in 2006, and its revitalization has been declared as one of the best resolved by the Bankruptcy Supervision Agency of the Republic of Serbia. The mine, which was completely devastated and flooded was taken over by the British Mineco with partners after the bankruptcy. Work on the rehabilitation and revitalization of the mine Veliki Majdan lasted until 2009.
In addition to mine Veliki Majdan near Ljubovija, Mineco is the major shareholder of the lead and zinc mines Rudnik near Gornji Milanovac, Bosil-Metal Mine near Bosilegrad in Serbia and in Bosnia and Herzegovina of the Gross Mine near Srebrenica, Geomet in Olovo, as well as antimony mine in Novo Gorazde. In these mines Mineco employs more than 1,400 people.
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