You have 5 free articles left this month. Get your free Basic subscription now and gain instant access to more.

DPM hopes to produce 20.5 t of gold from Serbian mine

Author Radomir Ralev
DPM hopes to produce 20.5 t of gold from Serbian mine Photo: Expat Asset Management / All rights reserved.

BELGRADE (Serbia), October 5 (SeeNews) - Canada's Dundee Precious Metals hopes to produce 20.5 tonnes of gold from the future Potaj Cuka-Tisnica mine in Serbia, data from Serbia's infrastructure ministry showed on Tuesday.

The company estimates that the mine holds 19.2 megatonnes of gold ore reserves, with an average gold content of 1.07 grammes per tonne, according to a spatial plan of the mining area published on the website of the infrastructure ministry.

DPM intends to operate the mine for seven years and process 9.9 megatonnes of gold ore in the first phase of its operation and 9.3 megatonnes in the second stage, the document showed.

According to Serbian media reports, DPM plans to invest $136 million in the project.

The gold deposits of the future mine are located in the southeastern part of Zagubica municipality. Tthe exploration area also includes the southwestern part of Majdanpek municipality.

Avala Resources, a fully-owned subsidiary of Dundee Precious Metals, carried out extensive geological research in the Potaj Cuka-Tisnica exploration area in the period from 2010 to 2017.

($ = 0.86196 euro)