Čukaru Peki deposit, Serbia

On 16 June 2017, MINEX Europe Forum visited the Čukaru Peki deposit managed by Rakita Exploration in Serbia. Zijin Mining secured a 100% interest in the Čukaru Peki Copper-Gold Mine through two transactions in 2018 and 2019.

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Date: 16 June 2017

Location: Eastern Serbia, central Timok Magmatic Complex

Highlights:

• Čukaru Peki is a world-class copper-gold mine in Bor, Serbia.
• Cukaru Peki site was discovered in July 2012 by Rakita, a local company through which the project was managed, headed by the geologist Dejan Kozelj.
  The Čukaru Peki deposit, located in Serbia’s Bor District, is a significant copper-gold deposit within the Timok Magmatic Complex. Discovered in 2012, it consists of the Upper Zone and Lower Zone, with the Upper Zone containing high-grade copper-gold ore. This deposit is considered world-class due to its substantial mineral resources and economic potential.
  The geological setting of Čukaru Peki is characterized by porphyry-type mineralization. Ongoing exploration and development efforts indicate its importance in Serbia’s mining sector, with trials underway to assess its operational viability. This deposit plays a crucial role in Serbia’s mineral resource strategy, contributing significantly to its economic growth and mining industry development. The Cukaru Peki deposit is subdivided into an Upper Zone (“UZ”) of high-sulphidation epithermal mineralization and the underlying Lower Zone (“LZ”) of porphyry type mineralization.
• The Cukaru Peki UZ Mineral Resource comprises an Indicated Mineral Resource of some 1.7 Mt above a cut-off grade of 0.75% copper, with average grades of 13.5% copper, 10.4 g/t gold and 0.23% arsenic and an Inferred Mineral Resource of some 35.0 Mt above a cut-off grade of 0.75% copper, with average grades of 2.9% copper, 1.7 g/t gold and 0.17% arsenic.
• Zijin Mining secured a 100% interest in the Čukaru Peki Copper-Gold Mine through two transactions in 2018 and 2019.
• In addition to Čukaru Peki, Zijin Mining operates another world-class copper asset in Serbia, the Bor Copper Mine. Their combined output was 240,000 tonnes of copper in 2023, making Zijin the second-largest copper miner in Europe.  The two mines in Serbia are undergoing de-bottlenecking and expansion, scheduled for completion by 2025. Once complete, their combined production capacity is expected to reach 300,000 tonnes per annum.