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Zijin to invest $800 million in Serbian operations: report

Kitco News

Zijin Mining Group will spend $800 million on its sprawling Balkan operations, according to a report from the Serbian Monitor.

In November Zijin bought Freeport McMoran Inc’s copper-gold assets in Serbia for around $390 million.

The Chinese mining giant also out-bid Lundin Mining for Nevsun Resources in 2018. The $1.41 billion gave Zijin Nevsun's high-grade copper-gold Timok project.

Serbian Monitor said Zijin wants to open Timok-copper-gold project’s upper Cukaru Peki mine. Zijin will also launch the Borska Reka at the Jama underground mine.

In 2018 Zijin also bought a majority ownership in RTB Bor. Zijin plans to re-invigorate operations by building a new sulfuric acid plant and a new electrolysis plant at the RTB Bor copper extraction and smelting complex, said the Serbian Monitor.

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