Serbia mining: The richest goldfield in the world in east Serbia, US-Canada investment project

3. February 2014. / Mining

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Counting gross value of copper and gold, according the price at the metal exchange, it appears that wealth worth nearly 18 billion dollars is hidden around Bor.  American mining corporation “Freeport McMoRan” which, in cooperation with the Canadian company “Reservoir minerals”, explores Bor surroundings in the area of “Cukaru peki”, has announced that in the town vicinity, so far, found the resources of 1.7 million tons of copper and 98 tons of gold.

What kind of wealth it is, without a doubt, shows the fact that for the past 110 years of mining in Bor it have been obtained five million tons of copper and nearly 160 tons of gold.

Calculating the gross value of copper and gold in the newly discovered deposits, according the official prices at London Metal Exchange, it appears that wealth worth nearly 18 billion dollars is hidden around Bor. And these are just the first results, as the Americans and Canadians continue with geological surveys in Bor surroundings.

Some unofficial information even show that the copper reserves in Bor surroundings are estimated at seven to eight million tons, with a corresponding amounts of gold and other precious metals. But further researches will confirm that. What is certain, however, is the fact that the deposit discovered by the Americans and Canadians, at this moment, is the richest and most prosperous in the world.

Further, in the deposits investigated by “Freeport” and “Reservoir minerals”, the average copper content is 2.6 percent, and 1.5 grams of gold per ton. And for example, in the mines of MSB “Bor” the most exploited currently is ore with 0.4 percent of red metal. What Americans and Canadians found show the fact from the literature that deposits with one percent of copper, if they are followed by the proper amounts of ore, are considered – extremely profitable.

According to the assessment of an independent mining consulting company SRK , from Great Britain, which processed  data,  another 20 million dollars need to be invested in geological exploration of Bor surroundings, in order that project enters a phase of greater security.

Dr Dejan Kozelj, director and main geologist of “Freeport” in Serbia, said for “Novosti” that company invested about15 million dollars during last year in geological exploration of Bor surroundings.

“Although encouraging initial results provide motivation for further research still needs a significant number of positive drilling results before making a final decision to start exploitation. It is necessary that we have enough data to define deposit size and quality, after which we have to prepare major mining project of exploitation, in order to obtain mining right”, said Dr. Kozelj.

Source; Serbia Energy

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