Serbia mining:Freeport Mcmoran investment into copper research drills reach 40MEUR

Published on 23. September 2013., Mining

US mining giant “Freeport Mcmoran” only in geological exploration in the vicinity of Bor has invested more than $ 40 million. The key moment was when the management of the “Freeport” decided to continue drilling at depths greater than 500 meters.

After that, to a depth of one kilometer, they found a copper ore whose content varies from 0.81 up to 10.16 percent! Although research is ongoing, these results clearly indicate that the Americans found the “vein”.

The hardest part of the works is following, because after the research is completed, which could last for several more years, follows labeling of bearings and “certification of reserves,” after which it would be need to make feasibility study of exploitation. Until the final decision on the opening of the mine, which requires investment of several hundred million dollars, it could in the best case take up to ten years.

RTB Bor bases the future on the research of underground bearings of Bor River, the mine, whose “cap” is at a depth of 800 meters, and that is spreading more with increasing the depth, and copper and gold are rising! No wonder that a strategic partnership with basin, on a common research and subsequent exploitation, is also interested the Chilean giant “Kodelko”, the world’s largest copper producer.

Construction of new mining and metallurgical plants requires an investment of more than $ 300 million, behind which stood the Serbian government.

In this way, after three failed privatization attempts, the value of the Bor company would be three to four times higher than the 400 million dollars, which was once offered by the Austrian “Atek” for basin property.

Source; Serbia Energy mining desk