Serbia mining: Rakita Exploration and Freeport McMoran mining project development status, Mining
Freeport McMoran works in Serbia since 2002nd. They do intensive research since 2004th. The first well was made in 2012th, which means that researches in order to find a tray were conducted for seven years. By 2013th, the company has invested 15 million dollars in research in Serbia.
Dejan Kozelj, President of GRAS and Director of the company Rakita Exploration (which operates within the American Mining Corporation Freeport McMoran), gave a presentation on the geological research on the fourth international conference on mineral resources.
Freeport McMoran is the largest registered copper producer in the world and an important gold producer. Safety, sustainability and long-term development are the main values of the company, which is one of the largest copper producers registered with 15% of world production, 35.000 employees and 13 mines on four continents. The budget is annually allocated for environmental projects from 300 to 600 million dollars.
Freeport works in Serbia since 2002nd. They do intensive research since 2004th. The first well was made in 2012th, which means that researches in order to find a tray were conducted for seven years. By 2013th, the company has invested 15 million dollars in research in Serbia.
When it comes to geological researches in Serbia, it is an essential Timok-magmatic complex and it is part of the Carpathian-Balkan metallogenic region. There is a series of reservoirs, starting from the north to the south of Romania, however, where is characteristic appearance of the copper deposits followed by gold, with a little less of lead and zinc. The site of Majdanpek has the most important reservoirs, 6 million tons of copper metal, as well as Veliki Krivalj with2 million tons of copper. Also, there are very significant sites such as Rudnice, Karavansalje and Brestovac. The site of Bor is one of the most important, world-wide site, with over 140 million tons of reserves, where there is 1.7% copper and 1.1% gold.
As exhibitor points out, researches have brought a lot of success, but it should be noted that research also carry a huge economic risk, because it can happen to invest huge amount of money, but without finding a deposit.
As a reminder, the US Company announced its preliminary assessments that in the surrounding of Bor revealed deposits of 65 million tons of ore with average copper content of more than three percent, while in MSB now exploits ores with up to 0.4 percent of the red metal. However, investigation continues and it is expected that the final results are even better.