Valery Budny: There is no strategy and legislation in Russia enabling the full cycle processing of precious raw materials within the country

Valery Budny, Head of the Jewelry Russia program and CEO of the JUNWEX media holding, told Rough&Polished about the results of the meeting and pressing issues in the precious metals and precious stones (PMPS) and the jewelry sectors.

11 april 2024

Paul Zimnisky: Natural diamonds face the risk of eroding their appeal if constantly discounted

New York-based independent diamond and jewellery analyst and consultant Paul Zimnisky told Rough & Polished’s Mathew Nyaungwa in an exclusive interview that the industry should do away with discounts. He said the industry should treat natural diamonds...

01 april 2024

Edahn Golan: Lab-grown diamond prices to continue declining

In an exclusive interview with Rough&Polished's Mathew Nyaungwa, Edahn Golan, proprietor of the eponymous Edahn Golan Diamond Research and Data, predicted that the prices of lab-grown diamonds would continue to decline, especially at the retail and...

25 march 2024

ADPA’s Ellah Muchemwa: G7 restrictions to bring extra costs from diamond mining to retail

The African Diamond Producers Association (ADPA), which has openly registered its disdain for the G7’s rough diamond trade restrictions, is of the opinion that the move will bring extra costs on all stages, from mining to retail. ADPA executive...

18 march 2024

Eduard Gorodetsky: Currently we see high demand for synthetic diamonds for use in technology segment rather than in jewelry

Director General of the Advanced Synthetic Research Center Eduard Gorodetsky told Rough&Polished about the current situation at the company, new exclusive technologies in the synthesis and production of lab-grown crystals, as well as the Research Center’s...

11 march 2024

Chinese mining company to expand copper and gold mine in Serbia

28 august 2023

China’s Zijin Mining Group plans to expand its operations in Serbia in a move to secure the production of copper that is vital to green energy transition.

Zijin opened the Čukaru Peki copper and gold mine in October 2021 with a $678-million investment. The mine is a part of the Mining and Smelting Basin located in an eastern Serbian municipality of Bor. According to local sources, annual production of the mine is 3.3 million tons of copper and gold ore, and its reserves amount to almost 37 million tons of ore.

The new expansion of the mine that would cost up to $3.8 billion, is aimed at extraction of ore from a deeper part of its body that is believed to hold 2.2 million tons of copper. The upper zone may be depleted around 2034, while deeper operations could start in 7 to 10 years.

At the end of 2018, Zijin took over the Mining and Smelting Basin in Bor, signing a strategic partnership agreement with the government of Serbia. Later in 2019 it bought the Čukaru Peki deposit from an American company thus becoming the sole owner of that deposit. Zijin’s long-term plans for the site include building roads, and expanding power supply and flotation facilities.

“Copper is in demand always and everywhere” which justifies the long-term investment, said Branko Rakocevic, the representative of the project's administration. “The market is stable enough. Prices declined from last year, but we don’t expect much volatility.”

Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished