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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.

Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.

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