Source: Blic | Monday, 30.10.2017.| 11:18
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Rio Tinto planning to open three mines in Serbia?

Cukaru Peki site near Bor
The multinational company Rio Tinto is planning to open three mines in Serbia, Blic learns.

According to the Belgrade newspaper, the Canadian company Nevsun, which has published preliminary results of the economic study according to which the opening of the Cukaru Peki cooper and gold mine near Bor requires an investment of around USD 1.5 billion, does not have that much money at its disposal. The Canadians have around USD 200 million on their account, Blic writes, which means that they will either have to ask banks for help in opening the mine, or, more probably, find a strategic partner, so that the mining cut might open in 2021, as planned. Those familiar with the situation point out that it wouldn't be surprising for Rio Tinto itself to become Nevsun's partner in this project, as the two companies already have licenses for explorations in the extension of the Cukaru Peki site as partners.

Let us remind that the Government of Serbia and Rio Tinto recently formed a working group which will conduct preparations for the opening of the lithium mine near Loznica in the Jadar basin. This multinational company would invest EUR 90 million initially, along with the EUR 50 million it spent on geological explorations.

Ore reserves in the Jadar basin have been estimated at 136 million tons and the site is assumed to contain an incredible 10% of global lithium reserves. The metal is used in the production of mobile phones, in medicine and for other purposes. The Canadian geological company Erin Ventures has discovered a copper ore site, estimated at nearly 8 million tons, not far from the abandoned coal mine near Boljevac on the Ibar, Raska. Unofficially, Blic reports, the company is now negotiating with Rio Tinto about opening a mine in this area, and the first calculations say that the said site might be exploited for 20 years, with a projected income of EUR 2 billion.

Rio Tinto has copper, gold, coal, lithium, boron and diamond mines with 200,000 workers in five continents.
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