MINEX Forum

Tag: Zijin Mining

  • Zijin Plans New High-Tech Investments in Serbia Amid Environmental Scrutiny

    Zijin Plans New High-Tech Investments in Serbia Amid Environmental Scrutiny

    Chinese mining giant Zijin Mining has announced plans for new investments in Serbia, pledging to employ advanced technologies and uphold high environmental standards. The news came following a meeting on July 15 between Zijin representatives and Serbian Prime Minister Đuro Macut in Belgrade, as reported by the Serbian News Agency.

    According to the government, Zijin reiterated its commitment to “green development,” the company’s guiding principle, and discussed future expansion in Serbia’s mining sector. Prime Minister Macut urged the company to enhance environmental protection efforts, particularly in the Bor region and across eastern Serbia.

    Zijin’s activities in the region have sparked controversy due to allegations of environmental degradation and pollution. While environmental groups have raised concerns about the company’s impact on local ecosystems, Zijin maintains it operates within environmental standards.

    Zijin entered Serbia in December 2018 through a strategic partnership with the government, acquiring a majority stake in the Bor Mining and Smelting Basin—now known as Serbia Zijin Copper. The company has since invested heavily in Serbian mining, notably launching the Čukaru Peki copper-gold mine in October 2021, following acquisitions from U.S.-based Freeport McMoRan and Canadian firm Nevsun Resources.

    With full ownership of the upper and majority control of the lower Čukaru Peki deposit, Zijin has significantly expanded its global resources, reporting total copper reserves of 57.24 million tons and gold reserves of 1,889 tons.

  • Zijin Mining Acquires One of Kazakhstan’s Largest Gold Mines for $1.2 Billion

    Zijin Mining Acquires One of Kazakhstan’s Largest Gold Mines for $1.2 Billion

    China’s leading gold and copper producer, Zijin Mining, has announced a $1.2 billion deal to acquire one of Kazakhstan’s largest gold mines — the Raygorodok Gold Mine — marking a significant expansion of its overseas resource portfolio.

    According to the statement released Monday, Zijin’s subsidiaries Zijin Gold International and Jinha Mining have reached an agreement to purchase the full mining and processing operations from RG Gold LLP and RG Processing LLP, the Kazakh firms currently operating the site. The acquisition includes both the mine itself and associated processing plant assets.

    This strategic move comes amid a surge in global gold prices, driven by escalating U.S.-China trade tensions and increased investor appetite for safe-haven assets. It also complements Zijin’s broader ambitions: the company previously announced plans to spin off Zijin Gold International and list it on the Hong Kong Stock Exchange to streamline and boost the value of its international gold operations.

    The Raygorodok acquisition reinforces China’s ongoing push to secure overseas supplies of key resources. Kazakhstan, rich in precious and critical minerals, has become a major focus for Chinese mining investment, particularly under Beijing’s Belt and Road Initiative.

  • Zijin’s Shadow: Villagers in Serbia and Tajikistan Bear Brunt of Chinese Mining Expansion

    Zijin’s Shadow: Villagers in Serbia and Tajikistan Bear Brunt of Chinese Mining Expansion

    In the hills of eastern Serbia and the valleys of western Tajikistan, villagers say they’re paying the price for China’s global mining ambitions. The Chinese-owned Zijin Mining Group, operating major copper and gold projects in both countries, stands accused of polluting the air, poisoning rivers, and displacing communities—while receiving strong political backing under the umbrella of Beijing’s Belt and Road Initiative (BRI).

    In Bor, Serbia, residents near Zijin’s Cukaru Peki copper mine complain of worsening air quality, arsenic, and fine particulate matter still lingering in the atmosphere despite the company’s reported $259 million investment in environmental improvements.

    “You used to see the smoke,” says Violeta, a Bor resident. “Now you don’t—but it still stinks.”

    In Krivelj, just outside Bor, Milos Bozic says the dust has made farming impossible. Professor Snezana Serbula of the Bor Technical Faculty confirms that PM particles and arsenic persist in the air. Meanwhile, residents like Dragoslav Stanculovic in nearby Ostrelj refuse to sell their properties. “What am I supposed to do—sell my dignity?” he asks.

    Despite environmental alarms, the Serbian government has doubled down on its support for Zijin, with Chinese companies now Serbia’s top exporters, surpassing $1 billion in trade by 2024.

    In Tajikistan, the story echoes Serbia’s. In Khumgaron and Shing, villagers say Zijin’s Zarafshon gold mine, where the company owns a 70% stake, has brought choking air and poisoned water. “Thick smoke covers the village in the morning,” says Abutolib Mukhtorov.

    Local residents in both countries report broken promises of relocation, inadequate compensation, and police intimidation of those who speak out. In Tajikistan, women who protested in Panjakent were detained. Firuza Kahorova recalls collapsing during the protest and being mocked by authorities: “They said, ‘Don’t give her water—give her dirt.’”

    Zijin claims 98% of Serbian land was acquired voluntarily and insists its projects meet environmental laws, branding Cukaru Peki as Serbia’s first “green mine.” In Tajikistan, Zijin has been fined, but continues operating with 20-year plans and strong support from the government, which highlights tax revenues and economic benefits.

    But for many residents, those benefits are illusory. “Peaches don’t grow. Cucumber flowers fall off. The river’s poisoned,” says Asadulo Rahmonov in Tajikistan. “It’s not progress. It’s survival.”

  • Ukraine’s Vast Titanium and Building Stone Reserves Could Shift Global Markets

    Ukraine’s Vast Titanium and Building Stone Reserves Could Shift Global Markets

    Ukraine holds substantial reserves of titanium, potentially accounting for up to 20% of the global supply, according to Olena Remezova, Doctor of Science in Geology and Chief of the Mineral Deposits Geology Department at the Institute of Geological Sciences of the National Academy of Sciences of Ukraine. Speaking to RBC-Ukraine, Remezova emphasized Ukraine’s strategic potential in both titanium extraction and building stones, which could significantly influence global markets.

    Despite some international estimates suggesting Ukraine’s titanium reserves are less than 1% of the world total, Remezova asserts that this is a major underestimation. Even Ukraine’s average titanium deposits surpass many found in Russia, solidifying its position as a key player in the strategic metal’s supply chain.

    In addition to titanium, Ukraine is also developing a robust industry for building stones, particularly granite and labradorite. The Zhytomyr region alone boasts around 300 quarries extracting non-metallic materials for construction and decorative applications. Ukrainian labradorites, known for their iridescent properties, are especially prized on the global market, with few equivalents found outside of regions like Norway.

    Ukraine’s geological wealth extends beyond titanium and building stones. The country is home to significant rare earth metal deposits concentrated in the Zhytomyr and Cherkasy regions, as well as the Eastern Azov Sea region, all critical for modern technologies.

    With its vast reserves and growing extraction capabilities, Ukraine is well-positioned to become a major global supplier of these critical materials, potentially reshaping markets and reducing dependency on other producers.

  • Xanadu Hands Reins for Mongolian Project to Chinese Mining Giant

    Xanadu Hands Reins for Mongolian Project to Chinese Mining Giant

    Xanadu Mines has officially transferred the operational reins of its flagship Kharmagtai copper-gold project in Mongolia to its joint venture partner, Chinese mining giant Zijin Mining. This significant step marks the beginning of a new phase for the world-class project, which will now move towards final development under Zijin’s leadership.

    The transition follows the successful completion of a prefeasibility study (PFS) late last year, which highlighted Kharmagtai’s potential as a major copper-gold operation. The PFS outlined a 29-year mining operation, expected to produce an average of 165,000 tonnes of copper and 75,000 ounces of gold annually. The project’s estimated post-tax net present value (NPV) stands at US$930 million (A$1.49 billion), based on conservative copper and gold price assumptions.

    Xanadu’s executive chairman, Colin Moorhead, expressed optimism about Kharmagtai’s future. “Encouraged by an improving regulatory environment, it is reasonable to expect Kharmagtai will be the next large-scale copper mine built in Mongolia,” he said. The project is currently advancing toward a final investment decision by Zijin, which will follow the completion of a bankable feasibility study based on the PFS.

    The study, which is expected to reflect more current gold prices (around US$2,725 per ounce), will be a key factor in finalizing the investment decision. The two companies are scheduled to meet in Xiamen, China, in early February to discuss the project’s budget, scope, and delivery timeline.

    Xanadu is also reviewing strategic funding options to maximize shareholder value. Among the possibilities is retaining a 50% interest in the joint venture and funding its share of the project costs, selling a portion of its interest to Zijin for US$25 million, or selling its entire stake for US$50 million. Management has indicated a preference for the partial sell-down option, which would provide immediate liquidity while keeping a 25% stake in the project.

    The Mongolian government’s recent positive signals toward mining investments, coupled with ongoing global interest in the country’s resources, sets the stage for Kharmagtai’s next major development milestone. With a bankable feasibility study on the horizon, ongoing water exploration programs, and efforts to secure government approvals, the project is well-positioned to play a key role in the global electrification transition.

    As global demand for copper continues to rise, Xanadu’s flagship Kharmagtai project is poised to become a major player in the mining sector.

  • Zijin Mining Group Discusses Major Mining Projects in Kazakhstan

    Zijin Mining Group Discusses Major Mining Projects in Kazakhstan

    Zijin Mining Group Co., Ltd recently held discussions with Kazakhstan’s Deputy Foreign Minister and representatives from Kazakh Invest regarding potential projects in the mining and metallurgical industry. The foreign investor plans to open a processing plant in the republic, according to a report from the Kazakh Ministry of Foreign Affairs.

    The new facility is expected to produce concentrates of precious and non-ferrous metals. However, this project is likely to be a long-term endeavor, as Zijin Mining is still in the process of identifying a suitable mineral resource basefor the plant.

    The company has expressed its readiness to develop Kazakhstan’s gold, copper, and polymetallic deposits. The specific region for the project has yet to be determined.

    The concentrates produced by the new processing plant are intended to be sent to local metallurgical plants for the extraction of valuable metals. An initial investment of $100 million is planned for the project, which is expected to create at least 1,000 new jobs in the republic.

    Additionally, Zijin Mining plans to engage in geological exploration of new prospective areas. The Kazakh authorities, keen on expanding the country’s mineral resource base, are prepared to offer state-level support to their Chinese partner.

    Zijin Mining is a multinational mining conglomerate that operates over 30 projects in 12 countries. Last year, the company’s assets produced 720,000 tons of copper and 250 tons of refined gold.