September 11 (SeeNews) - China's Zijin Mining Group will invest $3.8 billion (3.5 billion euro) in the development of the Cukaru Peki Lower Zone mine of the Timok copper-gold project in eastern Serbia, the government said.
Additionally, a separate agreement has been signed for a 300 MW solar power plant project to meet the company's energy requirements, the government said in a press release on Saturday. The investment in the solar power plant alone will amount to $200 million and will enable the synergy of renewable energy sources and mining.
Zijin has previously injected $678 million into the development of the Cukaru Peki mine, which became operational in 2021.
The investments will position Serbia as one of the major copper producers in Europe and a prominent gold producer, while also fostering opportunities for further investment, the government said.
The Timok project consists of the Cukaru Peki Upper Zone and Lower Zone. The project is located within the central zone of the Timok Magmatic Complex (TMC), in the Serbian section of the East European Carpathian-Balkan Arc. The TMC has one of the highest concentrations of copper enrichment in the Tethyan Belt.
1 euro = $1.0723