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October 25, 2021

Zijin commissions Cukaru Peki copper and gold mine in Serbia

The Cukaru Peki upper zone has estimated reserves of 1.28Mt of copper metal grading 3% on average.

China’s Zijin Mining, through its subsidiary Serbia Zijin Mining Doo, has commissioned the Cukaru Peki Copper-Gold Mine near the Serbian city of Bor.

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The Cukaru Peki upper zone of the Timok copper and gold project forms part of the Zijin-owned RTB Bor operation, which is the only copper mining complex in Serbia.

The mining and processing project of the Čukaru Peki upper zone has a capacity to process 3.3 million tonnes of ore per annum.

According to estimates, the upper zone’s reserve volumes stand at 1.28Mt of copper metal grading 3% on average, along with 81t of gold grading 1.91g/t on average.

In a press statement, the firm said: “The first part of the project involves mining an ultra high-grade ore body. It is expected to produce 50,000t of copper and 3t of gold in 2021.”

Zijin Mining has already invested $474m in the new underground mine.

Completion of the Timok project lower zone, which is currently in the feasibility stage, is expected to make Serbia the second-largest copper producer in Europe behind Poland.

The lower zone resource volume is estimated at 14.30Mt copper metal grading 0.86% on average, along with 299t of gold metal grading 0.18g/t on average.

China’s ambassador to Serbia, Chen Bo, was cited by Reuters as saying: “This project is important for the development of Serbia’s economy and also for strengthening cooperation between Serbia and China.”

Meanwhile, Xinhua quoted Chen Bo as saying: “I am very happy that the mine is built as an advanced green mine, which fulfils Chinese, Serbian and EU standards.”

In 2018, Zijin Mining agreed to acquire a 63% stake in RTB Bor by investing $1.26bn over a six-year period.

Earlier this year, reports emerged that Zijin Mining Group has been asked by Serbia to stop work at the RTB Bor copper mine for non-compliance with environmental standards.

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Dig deeper with our mining equipment forecasts

As ore mines ramp up and come on stream, the total number of active surface machines (including trucks, excavators, shovels, loaders, graders and dozers) is forecast to rise from 141,470 in 2020 to 167,367 by 2025. This will be a CAGR of 3.4% from 2020 to 2025. The largest contributor to this growth is expected to be trucks, particularly smaller-sized trucks with shorter lifespans, used extensively in parts of Asia Pacific. Underground mining equipment is similarly expected to see a CAGR of 2.3% in this same time frame, with the number of mining trucks and loaders/LHDs in active underground mines expected to rise to 19,853 by 2025. GlobalData’s extensive mine-site research and equipment models have been used to build a complete view of mobile mining equipment populations globally for trucks, loaders, graders, dozers, excavators and shovels. This report includes informative breakdowns by each major region and key mining country, and also by major commodity. Read GlobalData’s Global Surface and Underground Mining Equipment: Populations & Forecast to 2025 for a complete view of the market, allowing you to best position yourself for the future.
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