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The Government of the Republic of Serbia

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Zijin Mining to invest another $3.8b in Serbia

Belgrade/Xiamen, 9 September 2023

Minister of Mining and Energy Dubravka Djedovic Handanovic signed today in Xiamen (People's Republic of China) two memoranda of understanding with the company Zijin Mining on the continuation of that company's investment in the Republic of Serbia.

The documents signed are the Memorandum on the Development of the Lower Zone of the Cukaru Peki Mine, by which Zijin Mining confirmed its intention to invest an additional $3.8 billion in the Republic of Serbia, and the Memorandum on the Development of the 300 MW solar power plant project for the company's needs.

Thanks to today's Memorandum, which entails $3.8 billion in new investments, Serbia will rank among the largest European copper producers and leading gold producers, but also create the possibility for additional investments, of course with the obligation to apply the highest environmental standards.

Also, the investment of Zijin Mining in a solar power plant worth $200 million will enable the synergy of renewable energy sources and mining, as well as better environmental protection, because the use of energy from coal and fossil fuels will be reduced, the Minister said.

The memoranda were signed as part of the "One China, One Serbia" Investment Forum, which was held as part of the 23rd China International Fair for Investment & Trade, where the Republic of Serbia is the guest of honour.

Closing the forum, the Minister recalled that the Zijin Mining company is one of the pillars of cooperation between the Republic of Serbia and the People's Republic of China and emphasised that with today's memoranda, a new era of even better relations begins, which are based above all on the friendly relations between the two presidents, Aleksandar Vucic and Xi Jinping.

Djedovic invited other companies from the People's Republic of China to invest in Serbia and recalled that Serbia has gained the reputation of a "rising star" in the world of foreign direct investments, because from 2012 to 2022 they increased by more than four times, from $1billion to $4.4 billion.

Also, she recalled that the Republic of Serbia continues the trend of economic growth even now in the conditions of the world crisis, despite the slowdown of the European economy.

Bearing in mind the challenges of the energy transition, the energy crisis, the need for new production capacities and the growing need for mineral raw materials, she added that we expect energy and mining to be one of the drivers of economic growth and development in Serbia in the next decade.

Djedovic pointed out that in order to achieve the goals of sustainable development, Serbia needs approximately €15 billion of investments in energy, primarily in renewable energy sources, reversible hydroelectric power plants and gas power plants, as well as significant investments in the development of the transmission and distribution network and the construction of gas interconnectors to neighbouring countries.

Mining is the leading sector in the growth of industrial production in Serbia and will record a growth of 22 percent in 2022 compared to 2021, to which the company Zijin, which employs about 7,700 people in our country contributed significantly. Serbia is rich in some of the critical minerals, which represents a unique opportunity in the 21st century, and our goal is to use the mineral wealth we have in a rational, responsible, efficient and sustainable way, for the sake of future generations, said Djedovic.

During her visit to China, the Minister will also visit the mine and smelter of the Zijin Mining company in the Shanghang County.