Serbia approves transfer of real estate to Rakita Exploration

MINEX Forum | April 27, 2020 | Views: 92 | Source: SeeNews

BELGRADE (Serbia), April 27 (SeeNews) – Serbia’s government has approved the transfer of buildings and land to local company Rakita Exploration as part of a contract for the development of a mine in the Cukaru Peki area of the Timok copper-gold project, it said.

The property is located in the municipalities of Slatina and Brestovac, the government said in a notice in a notice published in Serbia’s State Gazette on Friday.

The Timok copper and gold project located in eastern Serbia consists of the Cukaru Peki Upper Zone and Lower Zone. Rakita Exploration, a joint venture of China’s Zijin Mining Group and Freeport McMoran, owns 100% of the Cukaru Peki Lower Zone.

In November, Zijin, which owns 100% of the Cukaru Peki Upper Zone, said it signed an agreement to acquire Freeport McMoran’s copper and gold assets in Serbia for up to $390 million (360 million euro).

In 2017, Rakita said it expects to complete the construction of a mine in the Cukaru Peki Upper Zone in 2021.

($ = 0.922689 euro)

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