Up to $60 billion worth of silver and copper deposits found near Zielona Góra

Anastasia Bogdanova | February 21, 2020 | Views: 106 | Source: The First News

A mining company appears to have struck it rich after announcing that it had discovered deposits of silver and copper worth an estimated $60 billion in western Poland.

The riches lie buried around 1,900 metres beneath the surface near the towns of Zielona Góra and Nowa Sól, and, if extracted could create 8,600 jobs and bring in an estimated PLN 1 billion a year to the state budget for decades to come, according to Miedzi Copper Corporation, the Canadian firm that discovered the deposits.

Under Polish law natural resources belong to the state, so, if mined, the deposits could provide a handy boost to the nation’s coffers.

The riches lie buried around 1,900 metres beneath the surface near the towns of Zielona Góra and Nowa Sól. Lech Muszyński/PAP

“The value of the deposits is worth an estimated $60 billion,” said Professor Stanisław Speczik, CEO of Miedzi Copper Corporation.

“We want to start building the mine in 2024-25. This deposit is the property of the state so we will only get a mining license.”

It may not be all good news for the Canadian firm, however. It has been in competition with KGHM, a Polish mining giant, for a number of years, and there is speculation that the government might award the license to the local firm rather than the foreign company.

Professor Stanisław Speczik, CEO of Miedzi Copper Corporation said the deposits could be worth as much as $60 billion.Lech Muszyński/PAP

There are also environmental concerns.

Although modern mining methods have less of an environmental impact than their predecessors there are fears new mines could damage the ecology and lead to people having to give up their homes so the mine can be built.

Under Polish law natural resources belong to the state, so, if mined, the deposits could provide a handy boost to the nation’s coffers.Lech Muszyński/PAP

The news of the new deposits should, however, bolster Poland’s already good standing as a country rich in metals.

According to the Polish National Geological Institute, Poland ranked second and fifth in the world in 2015 when it came to anticipated economic resources of silver and copper.

Facebooktwitterredditpinterestlinkedinmailby feather
Rating: 0