Source: Tanjug | Monday, 08.03.2021.| 13:30
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Record Price of Copper Could Double Zijin’s Share in GDP of Serbia for 2021

(Photo: Kuznetcov_Konstantin/shutterstock.com)
The operations and investments of Zijin Bor Copper, but also the highest price of copper in the world market in this century could double the company’s share in the GDP of Serbia this year compared to 2019, as concluded in Makroekonomske analize i trendovi (MAT).

As they claim, Zijin Bor Copper, at the current copper price of USD 9,000 per ton, could contribute to the growth of the GDP by more than 0.2%. They remind that, in 2019, the contribution was 0.1%.

The company’s share in the GDP of Serbia is around 0.35%, they say and add that the big investment projects that continued last year amounted to EUR 172.4 million, of which EUR 124.9 million pertained to local suppliers.

– The estimate is that the investment projects generated RSD 6.6 billion (EUR 56.4 million) of gross added value in 2020, which is 0.12% of Serbia’s GDP for 2019 – MAT says.

In 2020, Zijin Bor placed second on the list of the biggest exporters from Serbia with USD 388.9 million, whereas, in 2019, it was eighth, MAT says.

Although without detailed reports by the company, MAT estimated that Zijin Bor was profitable in 2020 as well, with 5,482 workers, which is an increase by 327.

It is said that the sales revenues reached USD 700 million, which is 34.4% more than in 2019.

Looking at the activities of Zijin Bor, they say that last year’s opening of the Novo Cerovo mine reduced the need for the purchase of raw materials containing copper. In 2021, the plan is to open an additional Cukaru Peki mine.

The MAT analysis is based on the fact that, early this year, the price of copper in the global market exceeded the level of USD 9,000 per ton, which, considering the value of the dollar, is the highest price in this century.

It is said that, due to the wide application, primarily in industry, in the long term, copper is also important for renewable energy sources and electric mobility, and due to the relatively small global reserves, copper is a material of strategic importance in the world.

Copper and its price are closely related to the economic growth, primarily with the dynamics of China’s industrial production.
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