Besides copper, Chinese are mining for Serbian gold as well

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The new majority owner of RTB Bor, Chinese company Zijin, has become the new owner of the Canadian company Nevsun Resources that owns exploration rights for copper and gold in Serbia.

The company Zijin Mining has announced that the offer for purchase of all issued and outstanding shares of the company Nevsun, at the price of six Canadian dollars per share, has been successful.

Nevsun is a company that processes heavy metals, and in Serbia it does business via company Rakita Exploration, currently implementing the Cukaru Peki project in Bor, a high-grade copper deposit in Serbia that is of great value and potential for Serbia.

The company Nevsun also manages the Bisha Mine in Eritrea that deals with production of copper and zinc. By the final deadline which was December 28 th , shareholders sold a total of 276,820,575 shares, which is almost 90 percent of the total number of Nevsun’s shares.

Zijin took over all lodged shares via its subsidiary and will pay US$1.66 billion for them.
“Within the Cukaru Peki project in Serbia we intend to rapidly develop the Upper Zone and start production on it as soon as possible, Chen Jinghe, President of the company Zijin has announced.

According to a Preliminary Economic Assessment (PEA), the value of deposit near Bor is estimated at about seven billion dollars.

As an extenuating circumstance, it is stated that vicinity of the ore processing facility in RTB Bor as well as new state-of-the-art smelter would additionally influence the lower price of ore extraction and processing from the Cukaru Peki deposit.

It is also mentioned that Serbia would receive five percent of net revenues for mining royalties and additional 15 percent via tax.

Source: B92

Photo: Pixabay