Successful operations of Veliki Majdan mine in 2018 – Further investments in exploration planned

The Veliki Majdan lead and zinc mine near Ljubovija, which is majority owned by the British company Mineco, has operated steadily and successfully in 2018, a year in which it managed to fulfill its production plan, carrying out exploration works and modernizing its equipment.

In the tenth year since production restarted, about 6,700 tons of commercial lead and zinc concentrate were produced. Since 2009, when production was re-started at the Veliki Majdan Mine, more than 480,000 tons of ore have been processed.

In 2018 the Veliki Majdan Mine paid the Republic of Serbia RSD 51,640,892 in mining rent, which makes the total amount paid from 2008 to 2018 approximately RSD 347.7 million.

There are 300 people currently working at this mine, 15 more than in 2017, and their salaries increased by 11% in 2018.

Right now the average salary of qualified miners is RSD 85,000 net. In 2019, an increase of 10% is planned, which will depend on the operating results and prices on the metal market.

This year, the Mine plans to maintain production at the same level, with continued investment of one million dollars in renewal of equipment in the Veliki Majdan exploitation field alone. The mine also plans exploration works in exploration fields Kosjerić and Veliki Majdan, and continued industrial and technological copper ore exploration.

As a company that is extremely important for the local economy and population, the mine is involved in asphalting about 15 km of the local Veliki Majdan-Selenac-Mačkov Kamen road. In the past year, the mine donated about 2,000 m3 of stone embankment for the lower foundation layer, and also worked on the maintenance of local infrastructure with its mechanization and material.

The Veliki Majdan mine also helps the work of the local sports and cultural association, and the Health Center in Ljubovija.

For the Veliki Majdan mine, the issue of environmental protection is among the most important in its business. The mine is constantly investing in the maintenance of the system for the protection of natural waters, so it regularly cleans the Selanačka river bed, trims the vegetation and maintains the bridges. Water analysis of flows below and above the mine confirm that the water is of suitable quality and that there is no pollution. The high level of safety was achieved by rehabilitating the tailings pond dam and other infrastructure facilities, which was done 11 years ago when Mineco took over the mine.

This mine came out of administrative insolvency in 2006, and its revitalization was declared by the Bankruptcy Supervision Agency of the Republic of Serbia as one of the best solutions. The mine, which was completely devastated and sunken, was taken over by British Mineco with its partners after the bankruptcy. Works on the rehabilitation and revitalization of the Veliki Majdan mine lasted until 2009.

In addition to the Veliki Majdan Mine, the British company Mineco and its partners manage two other lead and zinc mines in Serbia - Rudnik near Gornji Milanovac and Bosil-Metal near Bosilegrad, where pilot production has started. In Bosnia, Mineco manages the Gross lead and zinc mine, conducts exploration works in the old antimony mine near Novo Goražde, and in 2017 production was also begun at the cerussite mine near Olovo. In Čelebići near Foča, the first phase of exploration works has been successfully completed and a Mineral Reserves Study has been certified, and this year a Concession agreement on lead and zinc ore exploitation was signed.

MINECO Plus doo Beograd

Veliki Majdan Ljubovija

Mineco

Veliki Majdan mine

lead mine

zinc mine

lead

zinc

Ljubovija mine

lead concentrate

zinc concentrate

mining rent

Veliki Majdan Selenac Mačkov Kamen road

Gross lead and zinc mine

Novo Goražde antimony mine

Olovo cerussite mine

Čelebići

ore reserves

Novo Goražde