China’s Zijin Mulls $3.8 Billion Expansion of Serbia Copper Mine
- Company wants to dig as deep as 2 kilometers for crucial metal
- Copper is a key material needed for shift to greener energy
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China’s Zijin Mining Group Co. is developing plans to expand its copper mine in eastern Serbia due to demand for the metal considered vital to the global energy transition — an effort that could cost billions of dollars.
The company opened the Cukaru Peki copper and gold mine almost two years ago, with a $678 million investment allowing it to reach reserves a few hundred meters deep. Now it wants to drill down almost 2 kilometers (1.25 miles) to make the most of assets acquired in a takeover spree.