The Zijin Mining Group of China is planning to build high-quality copper, gold and zinc mines at the Timiko project in Serbia and the Kamoka Kakula copper mine in the DR Congo.
Both mines will start production in 2021 and reach production targets by 2023, Zijin announced on the company’s website.
Timoko mine is estimated to contain 1.05mt of copper and Kamakora Kakula mine is estimated to produce more than 0.7mn mt of copper per year.
Zijin is also planning to accelerate a technological upgrade and expansion of the Bor copper mine in Serbia.
Zijin mining holds majority shares in the Serbian copper mining and smelting company at Bor in Serbia.
The company has invested $350 million in Bor.
Zijin mining will also renew the supply contract for copper concentrate with Xinjiang Wuxin copper for 2020.
Zijin mining produced 0.5mn mt of refined copper and .2mn mt of zinc in 2019