Serbia mining: Decision of NEVSUN on investment near Bor

5. April 2018. / Mining

Canadian company Nevsun decided to dig and process ores from the site “Čukar peki” located at Bor. The gross landing cost is estimated at nearly nine billion dollars

Canadian company Nevsun will invest nearly $600 million to open the copper and gold mine “Cukar peki” near Bor, the results of a preliminary feasibility study show, “Novosti” learns.

Previous geological exploration at this site, in which hundreds of millions of dollars have been invested, has confirmed that it is one of the richest deposits of copper and gold in the world.

According to the preliminary feasibility study, 27 million tons of ore will be dug, with an average content of 3.3 percent of red metal and 2.21 grams of gold per ton of ore. For example, in mines from the Mining and Smelting Basin (RTB) “Bor”, ore is mined with a maximum of 0.3 percent copper.

According to the study, which is expected to be completed by mid-May, the mine would be opened in 2022 and from there the ore would be exploited for the next decade. The initial assessment was that the runoff would open in 2021 and that the exploitation life would be 15 years.

As we learned, the reason for reducing the life span of mines from 15 to 10 years is the plan that, after opening the mine, the annual production level with 1.6 million tons of ore – doubles! In this way, exploitation will accelerate.
– We have intense talks with potential investors about the opening of the mines – said Ryan Mc Williams, director of finance at Nevsun. – We negotiate with development banks, investment funds, but also with potential strategic partners.
Let’s remind, “Nevsun” is the owner of 100% of the upper zone of the “Čukaru peki” deposit, where complete geological research has been done. In the coming period, the construction of a mining infrastructure is expected.

The permit for the final opening of the mines is expected from the Government of Serbia in 2022. Before that, it is necessary to do a complete feasibility study, and it is certain that this deposit will be exploited by the subway.

In the meantime, geological research continues in the lower zone of the “Čukaru peki” deposit, located at a depth of 900 meters to a depth greater than two kilometers, where “Nevsun” is a strategic partner of the US Mining Corporation “Friport Mc Moran”.

First permits arrived

Nevsun was recently granted permission by the Serbian government to build an exploration dig. It will be used to certify the mineral reserves, and after obtaining the final license, for opening the mine and for the start of exploitation.

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