SMM4, March 23: consulting company (CPM Consulting) said that the annual ore output of the upper Kukalo-Paiji (Cukaru Peki) mining area of the Timok copper gold mine will reach 3.3 million tons, and the average daily ore output will reach 10,000 tons. The first batch of copper is expected to be produced by the end of 2021 as scheduled.
The Timok copper and gold project (Kinsey Project) marks the first large-scale project in Europe by China Jincheng Mining Management Co., Ltd. (JCHX). JCHX set up a local company called JCHX Kinsey Mining Construction doo Bor to manage Timok copper and gold mines.
Last November, Wang Xiancheng, chairman of JCHX, went to Serbia to conduct a three-day survey of the newly established Kinsey Project Company and the progress of its project.
The Timok copper and gold mine project is located in eastern Serbia, about 5 km from the administrative and mining centre city of Bor and 245km from the capital Belgrade. The Timok copper-gold deposit project is divided into two copper-gold orebodies with different ore types and related genesis. The upper belt resources are high-grade copper gold deposits and the lower zone resources are huge porphyry copper deposits.
Zijin Mining completed its acquisition of a stake in Nevsun Canada100% in March 2019, under which Zijin Mining will hold a 100 per cent interest in Timok, which was previously held by Nevsun Canada, while Zijin Mining will also receive a 46 per cent interest in the lower belt mine and a 54 per cent interest in (FMEC), a free port exploration company. In November 2019, FMEC's interest was acquired by Zijin. At this point, Zijin Mining holds all the rights and interests of Timok up and down, with mineral resources.
After the completion of the transaction, Zijin Mining copper metal equity resources will increase by 7.72 million tons, the company's total copper resources controlled by equity will reach 57.24 million tons, an increase of 15.59%, and gold metal equity resources will increase by 161 tons. The company's total gold resources controlled by equity reached 1889 tons, an increase of 9.3 percent.
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