Make Kitco Your Homepage

Serbia Zijin Copper to invest $408 mln in mines, smelter

Kitco News

BELGRADE, April 7 (Reuters) - The Serbia Zijin Copper company, operator of Serbia's sole copper complex, plans to invest $408 million in 2021, up from $360 million in 2020, to overhaul and expand its four mines and a smelter, it said on Wednesday.

The plan also includes improving environmental protection in the heavily polluted Bor region, in Serbia's east, it said in a statement posted on its website.

The company, part of China's Zijin Mining , said it planned to boost output of copper concentrate by 38.91% to 74,010 tonnes and cathode copper by 18% to 83,450 tonnes this year. In 2018, Zijin Mining became Serbia's strategic partner in the copper complex RTB Bor, pledging to invest $1.26 billion in return for a 63% stake. In its statement, the company also said it aimed to produce 2.5 tonnes of gold and 10 tonnes of silver in 2021, an annual increase of 45.14% and 10.12% respectively. China has invested billions of euros in Serbia, mostly in the form of soft loans to finance highway and energy projects, as part of its so-called belt and road initiative to open new foreign trade links.

(Reporting by Aleksandar Vasovic; Editing by Mark Potter)

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.