Company Nevsun announced March 28, 2018 the results of the Preliminary Feasibility Study for the Timok Upper Zone Project at the Cukaru Peki deposit. According to document details, initial ore reserves reach a level of 2.7 million tons, with average grades of 3.3% copper, as well as 2.1 grams of gold per tonne of ore.
According to current estimates, financial investments in the construction of the mine will reach $ 574 million prior to opening. The Upper Zone mine lifecycle is estimated to be ten years, and in 2022 it was designated as the starting point for mine exploitation.
The document published on Nevsun’s website highlights the so-called Rump-Up Case, which anticipates the exploitation to make a rapid advance from the initial 1.6 million tons of ore per year to 3.25 million.
The total capacity of the Upper Zone mine is estimated at 890,000 tons of copper and 55,98 tons of gold. As the document announces, additional information from the Preliminary Feasibility Study will be published in mid-May 2018.
Commenting on the announcement of the Preliminary Feasibility Study results, Nevsun Chief Executive Peter Kukielski pointed out the following:
“The project is being implemented with great cooperation with the Government of the Republic of Serbia. Also, we maintain good cooperation with the Ministry of Mining and Energy, so we are truly grateful for their continuous support for the implementation of project activities. The freshly announced results of the Preliminary Study are a significant step forward in relation to the results published in the Preliminary Economic Assessment of October 2017. Bearing in mind that the final Feasibility Study is expected to be defined in the middle of 2019, I am convinced that we have formed the right team that will lead the Timok project to its final realization.“
The Minister of Mining and Energy in the Government of the Republic of Serbia, Aleksandar Antic, said that the Timok Project is of great importance to Serbia and that both he personally and the entire line ministry offer their tremendous support to Nevsun for the mine development near Bor.
“We are holding talks with potential strategic partners, development banks and funds for the purpose of project development” – said Ryan MacWilliam, Nevsun’s Finance Director.