Chinese Zijin Mining Group to invest $4 billion in Serbia
Two memoranda of understanding signed with the Minister
Memorandum of understanding for the development of the lower zone of Čukaru Peki Copper and Gold Mine was signed, by which Zijin Group confirmed its intention to invest an additional $3.8 billion in Serbia as well as Memorandum of understanding on the development of the 300 MW solar power plant worth $200 million, for the needs of the Company. – Thanks to the memorandum, which envisages 3.8 billion dollars of new investments, Serbia will rank among the largest European copper producers and leading gold producers, which will open the possibility for additional investments, with the obligation of implementing the highest environmental protection standards, said the Minister of Mining and Energy and invited and other companies from China to invest in Serbia.
XIAMEN – In the Chinese city of Xiamen, two memoranda of understanding worth around four billion euros which envisage new investments by Zijin Mining Group in Serbia were signed (on September 9). The documents were signed by the Minister of Mining and Energy, Ms. Dubravka Đedović Handanović, as part of the Serbian Investment Forum “One China, One Serbia” and the 23rd Chinese International Investment and Trade Fair CIFIT 2023. She stated that the Memorandum of Understanding, which envisages the investment of 3.811 billion dollars with implementation of the highest environmental protection standards, was signed for the development of the lower zone of Čukaru Peki Copper and Gold Mine, as well as Memorandum on the development of a 300 megawatt solar power plant for the Company’s needs, worth 200 million dollars.
Thanks to the memorandum, which envisages 3.8 billion dollars of new investments, Serbia will rank among the largest European copper producers and leading gold producers, and will also open the possibility for additional investments, with the obligation of applying the highest environmental protection standards. Additionally, the investment of Zijin Mining Group in the solar power plant worth 200 million dollars will enable the synergy of renewable energy sources and mining, as well as better environmental protection, as the use of energy from coal and fossil fuels will be reduced – said the Minister of Mining and Energy.
The Minister added that Zijin Mining Group is one of the pillars of cooperation between Serbia and China and assessed that by signing of the said documents “a new era of even better relations between the two countries begins, based on the friendly relations of the two presidents – Mr. Aleksandar Vučić and Mr. Xi Jinping“.
Ms. Đedović Handanović invited other companies from China to invest in Serbia and reminded that Serbia has gained the reputation of a “rising star” in the world of foreign direct investments, as, from 2012 to 2022, the same increased from one billion to 4.4 billion dollars, that is, by more than four times. She also reminded that even in the conditions of the world crisis, Serbia continues the trend of economic growth, despite the slowdown of the European economy.
-We gained our reputation thanks to outstanding economic results, reflected in stable economic growth, reduction of unemployment and constant improvement of business conditions. Bearing in mind the challenges of the energy transition, the energy crisis, the need for new production capacities and the growing need for mineral resources, we expect energy and mining to be one of the drivers of economic growth and development in Serbia in the next decade.
She added that in order to achieve the goals of sustainable development, Serbia needs approximately 15 billion euros of investments in energy, primarily in renewable energy sources, reversible hydroelectric power plants and gas power plants, as well as significant investments in the development of the transmission and distribution grids and the construction of gas interconnectors to neighbouring countries.
– Mining is the leading area of growth of industrial production in Serbia and records a growth of 22 percent in 2022 compared to 2021, to which the Zijin Mining Group, which employs about 7,700 people in our country, contributed significantly. Serbia is rich in some critical minerals, which represents a unique opportunity in the 21st century, and our goal is to use the mineral wealth we have in a rational, responsible, efficient and sustainable way, for the sake of future generations – said the Minister of Mining and Energy Ms. Dubravka Đedović Handanović.