News archive


30. June 2014.

In recent decades, more and more local and foreign investors have been looking for gold in Serbia. The research performed by two Canadian companies showed that there were very profitable sites. The “Danube Minerals” company maintains that there are 547 million tons of gold ore and copper in the area of Medvedja, while the “Avala Resources” company’s results show that there are 72 tons of gold on Crni Vrh ".

The very first mine on Crni Vrh, which is located between Bor and Zagubica, could annually provide two and a half tons of gold concentrate. The economic analysis of “Avala Resources” confirms that the company would need 177 million dollars to open a mine, while it could employ 250 people.  

Justin Van Der Torn, the Research Director of “Avala Resources”, said that ​​another step towards the opening of the mine in Serbia had been made.

"But, apart from a preliminary economic study, it is too early to define the time frame. The mining industry requires long-term plans. That's why we rely on the government to maintain a stable and - more importantly - predictable climate for investments, said the director of research. 

The “Danube Minerals” company also announced that it had found two deposits of gold and copper in the area of Medvedja. The local population recalls that the search for gold in their villages has been going on for half a century.

"Serbian and Yugoslav companies used to work here, while we now have foreign companies in the area.  They have a more advanced technology and get more accurate data faster.  There is an option of opening a mine”, says Milutin Radovic, the leader of the local community of Tulare. 

The opening of the mine would, as they say, provide jobs in the poor region and keep the young there.  And not only that!

Slobodan Draskovic, the Mayor Medvedja, says that the first benefit would be that the funds from the mining rent would be allocated to the municipality of Medvedja, which would be used for repairing infrastructure and developing infrastructural projects in the area.

"Another benefit would be from the income tax, which would again come to the municipality of Medvedja, said Mr. Draskovic.  

Local experts also confirm the estimated gold reserves in Medvedja and on Crni Vrh. That guarantees a good profit, but the safest ways for the exploitation should be sought.

"We must dig out metals because we need them, but we also have to think of sustainable development or we need to protect the environment in which we live”, says Professor Dragan Milovanovic from the University of Belgrade’s Faculty of Mining and Geology.  

It is predicted that the price of gold will rise in the coming year and that an ounce could cost 1, 500 dollars. Compared to the current price, that would be an increase of as many as 14 percent.

Source: Serbian Broadcasting Corporation