Serbia mining, report: Is Bor golden goose or election duck: copper and gold for 18 billion dollars

13. February 2014. / Mining

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Although it looks like a pre-election story, deposits of gold and copper in the vicinity of Bor are real, confirmed reports of American and Canadian mining corporation Freeport-McMoRan and Reservoir Minerals, who investigate locations in the surrounding mountains for several years. According to the reports they submitted their parent companies, and they published them under the obligation they have as companies listed on the stock exchange, it is a resource whose value is roughly estimated according to current market prices of metals at around $ 18 billion. As the two companies announced, so far 98 tons of gold and 1.7 million tonnes of copper have been found around the city.

Only at the site in the area of ​​Bor airport, which was so far investigated, 35 million tons of ore with five percent copper was found. It is assumed that the deposit is far wider and deeper, but the results of future geological research will confirm that.

According to sources from the experts, the first results showed that the discovered ore deposits are very different in quality than previously exploited. For example, the copper content is 15 times higher than in Veliki Krivelj, where the largest deposits are, and where the average was 0.23 percent of this metal in the ore. Gold content is estimated to be 1.5 grams per ton of ore. What is the capacity of the new sites is best illustrated by the fact that the RTB Bor in the past year is drawn little more than 20,000 tons of copper and produced half a ton of gold.

– Copper deposits are found at depths of 400 to 700 meters, which is an aggravating circumstance because the only underground mining would be possible, but the advantage is that they are located in the area where there is not much infrastructure. Given that the current copper deposits are quite poor, newly discovered promises extraordinary profitability in the long run – says our source.

He recalls that geological investigations were carried out even before the 30 or 40 years at that location, because it has long been assumed that copper ore deposits are possible, as well as all following precious metals, according to the characteristics of the field, but at that time, technological systems of research were not enough good to get a result.

Although this is good news the RTB Bor and the whole of Serbia, it is a long way to the beginning of exploitation, and it is necessary to invest large funds. Independent consulting company in the UK, which confirmed the data, estimated that in the geological survey in the the vicinity of Bor should be invested another $ 20 million. When we speak of the right of exploitation, the law requires the state to announce a tender to which other mining companies can apply. However, priority shall have a bid of company “Timok metals”, which is branch of Freeport-McMoRan Serbia, and so far has had the concession for exploration. If this company does not get the right to exploit, they will be paid for expenses.

Source; Serbia Energy

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