Serbia will become number one in Europe. 2nd copper producer in Q4
Cukaru Peki was initially scheduled to begin production in the summer of 2021, with average initial copper production of 91,000 tonnes per year and annual gold production of around 200,000 ounces.
China has spent billions in Serbia, mostly in soft loans to finance highway and energy projects
The mine is now expected to begin production in the fourth quarter of this year, gradually increasing production to a peak of 135,000 tonnes of copper per year.
Sebia’s government predicts that the country’s booming mining sector will start generating between 4% and 5% of its total GDP in less than 10 years, a significant increase from its current 2%.
Zijin’s local subsidiary currently operates the country’s only copper complex – RTB Bor. The company had to temporarily suspend work at the mine in April due to an alleged violation of the country’s environmental standards.
The unit has been ordered to complete a wastewater treatment plant as a priority at the mine to avoid polluting the Pek River, a tributary of the Danube.
Key market
Serbia Zijin Copper has pledged to invest $ 408 million this year, up from $ 360 million in 2020, to renovate and expand its four mines and a smelter.
The plan also includes improving environmental protection in the heavily polluted Bor region in eastern Serbia.
China has spent billions of euros in Serbia, mainly in the form of soft loans to finance highway and energy projects. The investments are part of the so-called Beijing Belt and Road initiative to open up new foreign trade links for local businesses.
