25.7 C
Supported byspot_img

Privatization of Serbia small mines, FDI in precious metals exploration

Member of Europium Groupspot_img
Supported byspot_img

The privatization of the mines can be successful. The evidence is the example of lead and zinc mine Rudnik near Gornji Milanovac, owned by UK company Mineco and its partners since 2004.

Mineco has also a majority stake in Veliki Majdan near Ljubovija, which was subject to bankruptcy in 2006, when it was taken over by Mineco. The new owner has paid the existing debts, and both mines are doing well owing it to large investments in the modernization of equipment, renewal of existing and financing of new infrastructure facilities.

Last year in February, Teco Mining Company from Austria purchased six of our quarries and invested 20 million euros, which is one of the biggest deals reached during the last year in this field. The company has invested in several quarries in Serbia. In Batočina, richest in limestone indispensable in the chemical and cosmetics industry, Ljubovija (eruptive), Petrovac na Mlavi (dolomitic limestone), mine Gornji Milanovac (eruptive) and in asphalt base Vinca.

Supported by

It is important to recall that several large investors have been conducting examination of mineral deposits for years. Since 2003, foreign companies have invested around 300 million euros in potential projects. These are long-term projects. Investments would be multiplied if there was a mine opening, they could be measured in billions of euros.

The biggest investor in this field is the Canadian company Avala Resources, which is present in Serbia since 2005, and has invested 117 million dollars in gold and copper exploration in multiple locations (Bigar, Korkan, Krak Pešter). Another Canadian company, Dunav Resources is engaged in exploration of gold, copper, molybdenum (Mačkatica, Kiseljak) and has invested 45 million dollars. These two companies announced a merger last year, in order to integrate research activities in Serbia. Engaged in the research of gold and copper is the company Rakita Exploration, a subsidiary of US Company Freeport McMoran, which since 2010 invested 15 million dollars in research in Brestovac.

Within the Jadar project, implemented by the Australian giant Rio Tinto, reserves of jadarite are being explored, which is a unique Serbian mineral containing boron and lithium. So far, 70 million dollars has been invested in research.

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 !!