Zijin Mining to buy copper-gold mine in Serbia

SHANGHAI, Nov 6 (SMM) – Zijin Mining, China's major gold and copper miner, has signed an agreement to acquire Freeport McMoran's copper and gold assets in Serbia for up to $390 million, the company said on Monday November 4. 

Production at the Cukaru Peki copper-gold mine is expected to begin in 2021, lifting local production of copper cathode to an annualised volume of 300,000 mt, from 42,000 mt in 2018. 

The acquisition is part of Zijin's strategy to step up investment and secure mineral resources globally.

Zijin produced 39.32 mt of gold in 2018, according to its annual report and had set a target of no less than 37.87 mt for this year.