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The Government of the Republic of Serbia

In the service of citizens

Huge potential for development of country lies in mining

Bor, 4 June 2018

Prime Minister Ana Brnabic today visited the works in the geological exploration of mineral raw materials of copper and gold in the hydro power plant Cukaru Peki, stressing on that occasion that mining has the potential to contribute to our economic growth and GDP growth, up to 5%, and maybe even more.

Ana Brnabic and Aleksandar Antic

The company "Rakita Exploration", which operates within the Canadian "Nevsun", has begun exploration mining works on the construction of a low bridge in Bor, which precede the opening of the mines.

Brnabic pointed out that this is an enormous base for which we will be able to rely in the future, because it will be easier for us to develop digitization, IT sector, agriculture, livestock, or we will be able to think about sustainable growth in the future.

She pointed out that the commencement of works is also important for a balanced regional development, since the Bor end is one of the mining centres in Serbia.

With this investment, Bor may look a lot different in the next few years, she pointed out, adding that it was important for the government to invest here and to stay in the country.

The Prime Minister said that this investment of about €600 million will employ more than 1,000 people. She thanked the Canadian company for believing in Serbia for already investing significant funds in research.

Minister of Mining and Energy Aleksandar Antic pointed out to a big expansion of mining in Serbia, where more than 200 exploitation and 127 research fields are active, noting that €60 million has been invested this year in research.

Nevsun plans to invest $590 million for the construction of a low pit and mines from 2018 to 2022, and at that time contractors will hire approximately 1,000 employees, while "Rakita" will have more than 150 employees.

Following the opening of the mine, during the exploitation phase from the end of 2022 to 2038, it is expected that the capital investment of "Nevsun" will be an additional $457 million.