By 2025, Zijin aims to produce 1.2 million tonnes of copper. Credit: Alexa from Pixabay.

China’s Zijin Mining Group is considering an investment of approximately $3.8bn (27.71bn yuan) for the expansion of the Cukaru Peki copper and gold mine in eastern Serbia, reported Bloomberg News.

The move comes as the company aims to meet the surging demand for copper, which is vital to the global energy transition.

Zijin has invested $678m to develop the Cukaru Peki mine, which was commissioned in 2021.

The Chinese company now intends to undertake drill work at the project to depths of almost 2km.

Serbian official at the mine Branko Rakocevic was quoted by the news agency as saying: “These are vast reserves, which require additional infrastructure, additional investment of around $3.5bn to $3.8bn.”

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData

Tick here to opt out of curated industry news, reports, and event updates from Mining Technology.

Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Located in Bor, the Cukaru Peki mine is estimated to hold 2.2 million tonnes (mt) of copper at the lower zone, at depths exceeding 460m.

Rakocevic said the deposits of the mine at the upper zone could be exhausted at around 2034 while the deeper operation is anticipated to start in seven to ten years.

By 2025, Zijin aims to produce about 1.2mt of copper. This would mark a sixfold increase in the company’s production levels in 2017.

Last month, Bloomberg News reported that Zijin Mining was in advanced talks with Argentinean company Camyen to develop a facility to produce lithium iron phosphate for cathodes.

The proposed facility is expected to have a production capacity of 50,000 tonnes per annum of lithium iron phosphate.