Chinese company Zijin plans to expand copper mining in Serbia – Kommersant
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According to the agency Bloomberg, Chinese mining company Zijin Mining Group is considering plans to expand copper mining in Serbia. According to the representative of the company, Branko Rakocevich, this will require additional investments in the amount of $3.5-3.8 billion.
Zijin Mining Group began mining copper and gold in eastern Serbia almost two years ago. As part of the Chukaru Peki project, the Chinese company has already invested $680 million. Now it wants to expand production by increasing the depth of the mines from the current several hundred meters to two kilometers. The company believes that the investment will pay off thanks to the growing demand for copper. The deposit, discovered in 2015, is considered one of the largest in the world.
Zijin currently operates two factories in Serbia. One of them, a joint venture with the Serbian government, produces copper cathodes, sulfuric acid, and mines gold and silver. Another enterprise, Serbia Zijin Mining, produces copper concentrate, which is exported to China, Canada, Bulgaria, Spain and South Korea.
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