Glencore invests 120 million euros in copper and gold mine Cerovo in Bor - Preparation works by the end of 2010

Multinational company Glencore, one of the world's most powerful mining corporations, is going to start preparations for opening copper and gold mine Cerovo, in the vicinity of Bor, by the end of the year. This investment is worth 120 million euros.

This was confirmed to daily newspaper Novosti by Nik Popović, Glencore's Manager in charge of non-ferrous metal projects in east Europe.

- In the first phase, we are going to invest USD 50m in opening Cerovo mine - Popović claims.

- Later, with the beginning of exploitation and necessary investments, the investment will reach 120 million euros and about 400 people will get jobs in that mine.

Popović explains that Glencore and Mining-Smelter Basin (RTB) Bor will be strategic partners for the opening of Cerovo mine, while the ownership share will be defined upon complete review.

- Glencore invests money and state-of-the-arts technology - Popović points out.

- On the other hand, RTB Bor, that is, the state of Serbia, invests concession right to work and accompanying infrastructure. Also, it is very important to emphasize that the concentrate from Cerovo will be processed in the Smelter in Bor.

According to preliminary estimates, ore reserves in Cerovo amount to 120 million tonnes, which means that about 350,000 tonnes of copper, 18 tonnes of gold and nearly 120 tonnes of silver could be obtained from that mine within next two decades.

Čoka Marin

In addition to opening Cerovo mine, RTB Bor and Glencore will also jointly start the works on activation and exploitation of gold mine Čoka Marin 1 near Majdanpek - Blagoje Spaskovski, CEO of Bor-based company, points out.

- According to the agreement with the representatives of Glencore, upon the activation and commencement of exploitation, concentrate from Čoka Marina 1 will be melted in the company's smelter in Kazakhstan - Spaskovski explains.