On September 11th, China’s Zijin Mining Group announced a substantial investment of $3.8 billion (3.5 billion euros) in the development of the Cukaru Peki Lower Zone mine within the Timok copper-gold project, situated in eastern Serbia, as disclosed by the government.
Furthermore, a separate agreement has been finalized for a 300 MW solar power plant project, aimed at fulfilling the company’s energy requirements. This solar power plant investment stands at $200 million and will facilitate the integration of renewable energy sources into mining operations.
Zijin had previously injected $678 million into the development of the Cukaru Peki mine, which commenced operations in 2021.
These investments are expected to establish Serbia as a significant copper producer in Europe and a notable gold producer, while also creating opportunities for additional investments, as emphasized by the government.
The Timok project comprises both the Cukaru Peki Upper Zone and Lower Zone and is strategically located within the central zone of the Timok Magmatic Complex (TMC) in the Serbian portion of the East European Carpathian-Balkan Arc. The TMC boasts one of the highest concentrations of copper enrichment within the Tethyan Belt.
