China's Zijin Mining Group plans to invest $800mn in an expansion of its production capacity in Serbia in 2020, eKapija reported on January 14.
The company plans to expand the Veliki Krivelj and Majdanpek open-pit mines and to invest in the Cerovo 2 copper and gold mine this year. It also will start preparations for the launch of the Borska Reka deposit in the Jama mine, which is estimated to contain deposits of round 4mn tonnes of copper, 130 tonnes of gold and 1,000 tonnes of silver, eKapija reported.
Zijin also plans to build a new sulphuric acid plant and a new electrolysis plant at the copper smelting and mining complex Rudarsko Topionicarski Basen Bor (RTB Bor) and start works on the opening of the Cukaru Peki Upper Zone mine of the Timok copper-gold project.
The Timok copper and gold project consists of the Cukaru Peki Upper Zone and Lower Zone. Zijin already owns 100% of the Cukaru Peki Upper Zone plus a 60.4% stake in the Cukaru Peki Lower Zone, while Freeport McMoran owns the remaining stake.
In November, Zijin signed an agreement to buy Freeport McMoran's copper and gold assets in Serbia for up to $390mn.
Zijin also holds 63% stake in RTB Bor after investing $350mn in its capital in December 2018. The company has pledged to invest $1.26bn in RTB Bor.