Serbia mining: Bor mining company report, Mining reserves worth 40 billion dollars

24. March 2014. / Mining

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Value of geologically verified ore deposits in MSB Bor, containing about 5.1 million tons of copper, 202 tons of gold and 1.477 tons of silver, is estimated at about 40 billion dollars.

Value of geologically verified ore deposits in MSB Bor, containing about 5.1 million tons of copper, 202 tons of gold and 1.477 tons of silver, is estimated at about 40 billion dollars, while the potential profit, according certified elaborates, is about 20 billion dollars.

Confirmed resources, with an average annual exploitation of 26 million tons of ore, guarantee copper production for the next 50 years, it was said at the meeting of the Board of Directors, when adoption Business Plan of MSB Bor in 2014th.

With Business plan for this year it is planned to be excavated total of 58.250.195 tons of ore and with overburden ratio of  1:1.98, and final production, together with a processing and 900 thousand tons of smelter slag, to reach 40.792 tons of cathode copper, 1.341 pounds gold, 8.586 tons of silver and 108.000 tons of sulfuric acid.

All this should made profit to the company during this year, which is estimated at almost 18 million dollars.

Business imperative of MSB Bor for 2014th is the completion of investments in mining, as well as the completion of the smelter reconstruction and sulfuric acid plant building with all facilities, completion of flotation modernization in Krivelj and Majdanpek, further growth in mining production, and, in particular, control, reduction and optimization of operating costs, in order to ensure long-term profitable business.

“In the past four years MSB Bor paid 120 million dollars in taxes and contributions on personal incomes in the budget of Serbia, and with the excise taxes on fuel, worth 33 million dollars, totaling more than 150 million dollars”, said General Director of MSB Bor Blagoje Spaskovski.

According to him, obligations for electricity have been settled properly all the time and about 111 million dollars for electricity was paid during four years.

“Also, the profit from current operations in the last four years was141 million dollars”, he said, adding that also this year was planned the conservation of employees standards, as well as follow-up activities to improve life in the municipalities of Bor and Majdanpek.

Source; Serbia Energy

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