22.6 C
Supported byspot_img

Avala Resources Canada claim Serbia mine research results confirm 70 tons of gold, 177MUSD investments needed

Member of Europium Groupspot_img
Supported byspot_img

For the launch of the first gold mine in Serbia in Zagubica investor Avala Resources needs 177 million dollars.

It is an economic assessment which did an independent company AMEC from Perth in Australia for the Project of gold “Timok”. The company “Avala resources”, which dealt with the geological surveys, told us that the ore would be got by surface excavation.

Studies have shown that there is more than 70 tons of gold, and if an investor be found, two and a half tons of gold will be got in concentrate per year, 250 workers will be employed, and the state of Serbia will have profit of 38 million dollars from the ore rent.

Supported by

– The aim is to show that the project is potentially cost-effective – said the director of “Avala” Sean Hasson.

After obtaining all permits, it will be needed two years of investment in infrastructure.

Research manager Justin van der Torn, says that his company has invested 160 million dollars in research works since 2010th.

– Serbia currently has the best climate in the region for investment in the development of mining projects, so we encourage the efforts of the Serbian government to implement a policy of openness to new investments. We are especially grateful to the municipality of Zagubica which has provided tremendous support to our project – said van der Torn.

President of the Municipality Zagubica Safet Pavlovic hopes to come to the opening of a gold mine and that it will regenerate Homolje.

– If a gold mine is opened, it will stop the exodus of young people and the whole Homolje will benefit – evaluates Pavlovic.

Supported byElevatePR Digital

Related News

Ukraine’s strategic importance in global critical raw material supply chains amid geopolitical dynamics

Ukraine's role in global supply chains for critical raw materials is increasingly pivotal amidst ongoing geopolitical challenges. These include the Russian invasion of Ukraine,...

Nornickel in talks with China Copper for copper smelting venture in China

Russian mining giant Nornickel is reportedly in discussions with China Copper to establish a smelting facility in China. This joint venture aims to relocate...

Pan Asia Metals secures option agreement for RK Lithium Prospect in Thailand

Pan Asia Metals Limited has taken a significant step forward by securing an exclusive option agreement for the RK Lithium Prospect in Thailand. This...

Critical Metals partners with Obeikan Group to build lithium hydroxide plant in Saudi Arabia

Mining company Critical Metals has finalized a joint venture (JV) agreement with the Obeikan Group to establish a lithium hydroxide processing plant in Saudi...
Supported by
Supported by
Supported by
error: Content is protected !!