The chairman of a Chinese mining company has said it aims to increase copper and gold production in Serbia, as it hopes to make the Balkan country Europe's largest copper producer, AFP reports.
China has invested billions in Serbia and neighboring Balkan countries in recent years as Beijing seeks to expand its economic footprint in Central and Eastern Europe.
Chen Jinghe, chairman of Zijin Mining, said the company was aiming to produce at least 250,000 tons of copper and 10 tons of gold a year from its operations in Serbia, up slightly from last year.
"Zijin's future investments will focus on developing underground copper and gold mines," Chen said.
Zijin, one of China's largest gold and copper producers, was selected as a strategic partner of RTB Bor's Serbian mining operations in 2018.
Earlier this month, Serbia's trade minister called China the country's second most important economic partner after the EU, signaling Beijing's growing importance to its economy ahead of a likely visit by Chinese President Xi Jinping this year.
Chinese-owned companies were Serbia's top three exporters last year.
According to Serbian media Beta, Zijin Mining accounted for exports worth around EUR1.15 billion, followed by Zijin Copper with EUR746.3 million and steel company HBIS group with EUR549.1 million.
According to data from Serbia's National Statistical Office, these three companies accounted for approximately 8.7% of Serbia's EUR 28.6 billion worth of exports last year.
In 2023, Serbia's share in the total GDP will reach EUR 2.6 billion. Serbia has attracted EUR 4.5 billion in foreign investment, with EUR 1.37 billion coming from China, making it the country's leading investor.
Despite praise from government officials, residents living near the sprawling mining operations in the eastern town of Bor have regularly protested against the projects since January - with demonstrators often blocking roads in the area.
Copper is a key component for many electronic goods and is an important building block for the global energy transition. / BGNES
