Serbia mining: New gold and copper reserves proven in eastern Serbia, FreePort Mcmoran marks historical records; the report

22. August 2013. / Mining

Are new huge gold deposits in eastern Serbia province Timocka Krajina chance for faster development of Serbia? Deposit potential near Zagubica is equal to centenarian production in Bor mine complex. There are much more gold ores in Serbia than it was assumed until recently, it revealed new detailed geological surveys in the Timok magmatic complex, in the mountains on the east of the country. Foreign companies that explore Serbian gold wires say that they came to the discovery that occurs once a century.

Our geologists say that these rich gold deposits are expected because the Serbian science marked long time ago this region as the gold-bearing. However, the state did not act properly for decades and did not invest in geological researches of its ores, or in exploitation modernization. That’s why we’re happy when guests discover the treasure born in our pantry.

Regarding huge gold requirements on the world market, arrival of foreign experts, new technologies and investments in the mining can be turning point for Serbia, considers prof. dr Milan Bacevic, minister of Mining, Natural resources and Spatial planning.

Minister Bacevic says that at this moment geological research of gold and other precious metals in Serbia are managed by 13 foreign companies,out of which eight are with majority foreign founding capital. The company “Avala resource”, which explores gold on nine explored areas, just in 2012, invested more than 20 million dollars in detail researches.

– The best results are on the location “Potaj Cuka -Tisnica” near Zagubica. Just in this phase the total ore potential is estimated on several millions ounces of gold, which is equal to the centenarian production in Bor mine! It is new discovered, earlier unknown minerals appearances of gold in west orbital part of Timok magmatic complex. Several very perspective locations are assigned within this gold formation, as Kraku Pester, Korkan, Bigar hil… The gold content is by 0, 45 gr to 9, 46, and even more grams on ton, reveals Bacevic.

From Bor mining complex, during existing century, it was exploited over 150 tons of gold, experts remind, so the Zagubica deposit is real sensation with the same amount of precious metals.

Another company “Rakila exploration” researches successfully, which was created by Canadian company “Reservoir capital corporation” and American “Freeport-MCmorran exploration”, on of the biggest world mining companies.

– They achieved very significant results in the Brestovac area near Bor. According to unofficial information, this is valuable discovery that, according to the researchers, “happens once in a hundred years.” More information will be provided in the Annual report – says Bacevic.

During the celebration of the Miners Day on 6th August, precisely on the these results basis, he announced that newly discovered significant ores reserves of gold and copper “give hope and faith that Serbia is on the best way to move itself  with mining and employ a significant number of people”.

In fact, the gold is “currency of fear” in times of crisis, such this is that shakes the world since 2008. Yellow metal is the only safe currency, that in the last two centuries did not lose its value even when the government fell or when the factories were closed, even when inflation was rifled. On the contrary, the price of gold grows rapidly during the crisis. From the global recession beginning, requirement for the precious metal surged for 64 percent, and its price broke the dream limit of 1,000 dollars per ounce of pure gold.

That’s the reason why the geological teams frantically look for gold and other precious metals on the 37 research areas within the Timok magmatic complex and southeast of Serbia.

– In the past years, the greatest interest has been shown for exploration of gold, lithium and boron ore, and also of copper ore, that contains gold and molybdenum. Researches of these mineral resources are performed at about 80 research areas. In the ​​Bor area were achieved the best results in the gold, copper and accompanying metals discovery. Significant results also were achieved on the numerous, other smaller research projects. In the area Cuka Kuruga – Crni Vrh copper and gold were found, in Mackatica molybdenum, gold and rhenium, in Tulari near Medvedja copper and gold, in Piskanja near Baljevac at Ibar boron minerals – reveals dr Bacevic.

Minister admits that Serbia today does not have money or technologies to any basic geological research.

– Our country is poor and insolvent because the previous governments led us to this state. They did not build anything and did not open any serious mine. The problem has to be solved by introducing foreign investment or finding strategic partners – explains Bacevic why to once highly-respected and profitable Serbian geology and mining nowadays are indispensable foreigners to get back on its feet.

He stressed that the ministry responsible for geological researches must strictly take care that they would be done according to the law and not to stretch into infinity, as it often happened in the last decade.

In fact, many foreign companies came to Serbia to explore ore deposits, especially gold after 2000. Those that were marked as the best soon gave up, because of the corruption. The world giants lost on the tenders for exploration rights, which got the anonymous companies that came to the “discovery” using expensive research documents that was funded by Serbia for decades. Practically, they traded by treasured archives with the state secret status and blackmailed serious investors trying to resell them the state resource – research area.

Therefore in the Ministry announced that the new Law on geological and mining researches, as well as a new national strategy in this area will be much more rigorous than the previous.

In the draft of new Law on geological exploration and mining are defined mineral resources of strategic importance for Serbia, which was omitted in the existing regulations. This change is essential because the mineral resources are non-renewable natural resource and we need to protect our interests. By the new law the geological researches will do only serious companies, which will have to have a bank guarantee. To anyone who does not play by the law and does not complete researches planned by the project, will be revoked the license, without exception – announces the Minister Bacevic.

He does not want to make any final assessments of Serbian mineral treasure, especially when it comes to gold, in a situation where geological studies reveal that they are higher than expected.

– As much as it has, Serbia mineral treasure is very important for the economy of our country. Precisely thanks to the new mineral resources discoveries, and also to earlier discovered and still inactivated mineral treasure, today there are good natural conditions for the rapid mining development. Since this is a based industry branch, with its development also would be created a good business environment for the development of other economic activities. Besides the agriculture, mining represents a significant development opportunity for Serbia – the minister Bacevic is convinced.

In the official report of the State Commission from 2010. stated that gold balanced reserves in copper ore in Timok magmatic basin was  approximately 153 tons, while the off-balanced reserves in deposits in eastern Serbia were estimated to approximately 27.3 tons. At about one ton of gold was estimated the gold amount in auriferous quartz veins. Silver reserves located in the above balance reserves of copper ore, amounted to approximately 1,120 tons

Source; Serbia Energy

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