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Canada's Nevsun to invest USD 60 million in Cukaru Peki site near Bor in 2018
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The Canadian company Nevsun, which owns exploration rights in the upper zone of the copper and gold site Cukaru Peki near Bor, will invest USD 50-60 million in the development of the said project in 2018, Novosti learns.
Peter Kukielski, President and CEO of Nevsun, confirms that the copper and gold site in the Cukaru Peki area is one of the best development projects concerning copper production in the world.
– We expect to complete the preparation of the feasibility study, as well as a definite assessment of the ore reserves, in the first half of 2019 – Kukielski says.
– After that, we need to enter the procedure of obtaining all the necessary permits and continue purchasing land in order to cover the majority of the mines from the upper zone, and complete exploration drilling and infrastructural plans.
The president of Nevsun emphasized that the beginning of the exploitation depended on obtaining the permits from the Republic of Serbia and that around USD 5 million would be invested in the continuation of geological explorations in 2018, entailing the drilling of around 12,500 meters in the upper zone of Cukaru Peki, whereas mutual goals related to continued exploration would be defined with their partners from the American company Freeport, the co-owner in the lower zone of the site.
According to the preliminary feasibility study, the copper mine near Bor, which would be exploited through underground mining, with investments of a billion and a half dollars, should be put into operation in 2021 and remain operational for 15 years.
The plan entails the production of around a million tons of copper and nearly 70 tons of pure gold, the gross value of which, according to the current prices at the London metal Exchange, exceeds USD 15 billion.
Peter Kukielski, President and CEO of Nevsun, confirms that the copper and gold site in the Cukaru Peki area is one of the best development projects concerning copper production in the world.
– We expect to complete the preparation of the feasibility study, as well as a definite assessment of the ore reserves, in the first half of 2019 – Kukielski says.
– After that, we need to enter the procedure of obtaining all the necessary permits and continue purchasing land in order to cover the majority of the mines from the upper zone, and complete exploration drilling and infrastructural plans.
The president of Nevsun emphasized that the beginning of the exploitation depended on obtaining the permits from the Republic of Serbia and that around USD 5 million would be invested in the continuation of geological explorations in 2018, entailing the drilling of around 12,500 meters in the upper zone of Cukaru Peki, whereas mutual goals related to continued exploration would be defined with their partners from the American company Freeport, the co-owner in the lower zone of the site.
According to the preliminary feasibility study, the copper mine near Bor, which would be exploited through underground mining, with investments of a billion and a half dollars, should be put into operation in 2021 and remain operational for 15 years.
The plan entails the production of around a million tons of copper and nearly 70 tons of pure gold, the gross value of which, according to the current prices at the London metal Exchange, exceeds USD 15 billion.
Companies:
Serbia Zijin Mining d.o.o. Bor
Tags:
Nevsun
Freeport
Cukaru Peki site near Bor
exploitation of copper
exploitation of gold
copper
gold
copper mine
gold mine
Peter Kukielski
geological exploration
precious metals
mines in Serbia
ore sites in Serbia
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