Chinese company aims to ramp up Serbia copper, gold mining
by AFP Staff Writers
Belgrade (AFP) April 24, 2024

A Chinese mining company is aiming to boost copper and gold operations in Serbia, its chairman said Wednesday, with the hopes of making the Balkan country the largest copper producer in Europe.

In recent years, China has poured billions into Serbia and neighbouring Balkan countries, as Beijing seeks to expand its economic footprint in central and eastern Europe.

Chen Jinghe, Zijin Mining's chairman, said the company seeks to produce at least 250,000 tonnes of copper and 10 tonnes of gold annually from its Serbia operations, slightly more than last year.

"Zijin's future investments will focus on the development of underground copper and gold mines," Chen told reporters.

Zijin, one of the largest producers of gold and copper in China, was chosen as a strategic partner of Serbia's RTB Bor mining operation in 2018.

Earlier this month, Serbia's minister of trade called China the country's second most important economic partner after the EU, signalling Beijing's growing importance to its economy ahead of a likely visit by Chinese President Xi Jinping this year.

Last year, Chinese-owned companies were the three leading exporters in Serbia.

Zijin Mining accounted for roughly 1.15 billion euros ($1.25 billion) worth of exports, followed by Zijin Copper at 746.3 million euros and the steel company HBIS group at 549.1 million euros, according to Serbia's media outlet Beta.

The three accounted for approximately 8.7 percent of Serbia's 28.6 billion euros in exports last year, according to data from Serbia's national statistics office.

In 2023, Serbia attracted 4.5 billion euros ($4.8 billion) in foreign investment, with 1.37 billion euros coming from China, making it the leading investor in the country.

Despite the praise from government officials, residents living near the sprawling mining operations in the eastern city of Bor have regularly protested against the projects since January -- with demonstrators frequently blocking roads in the area.

Copper is a key component for a range of electronic goods and is an important building block for the global energy transition.

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