Global mining corporation Vale Canada Limited to invest USD 45 million in gold and copper explorations in Timocka Krajina

The Canadian geological company Mundoro has signed an agreement on the financing of explorations in search of new copper and gold sites on four locations in Timocka Krajina with the global mining corporation Vale Canada Limited, headquartered in Brazil. In the next five years, Vale will set aside as much as USD 45 million for explorations in Sumrakovac, Osna, Dubrava and Padina.

Under the agreement, Vale, as the largest producer of iron and the second largest producer of nickel in the world, may acquire 51% of exploration rights on these locations by investing USD 5 million in geological explorations over the next three years. After that period, the company can get an additional 24% if it invests another USD 40 million in the continuation of the project.

In the area of the Bor village of Sumrakovac, Mundoro has detected a layer of 23 meters, with a gold content of 0.72 grams per ton and a 0.17% copper content. This is considered a great indicator for the continuation of geological explorations, and the results from other boreholes are promising as well.

Vale owns four nickel mines, three iron sites, two cuts from which it gets copper and three coal mines, located on five continents. In 2007, the Brazilian company bought the biggest producer of nickel in Canada, founded in the early 20th century with the opening of the Creighton Mine in Ontario, for USD 19.4 billion.

In addition to its cooperation with Vale, the Canadian Mundoro actively participates in geological explorations in Savinac village area near Boljevac, in cooperation with the global American mining company Freeport-McMoRan. A layer with 30 grams of gold per ton and 171 grams of silver was found there, in the Tilva Ros location.

Let us remind that Mundoro also has exploration rights in the Bor Lake area as well, where it carries out geological explorations on an area of 46 hectares in cooperation with the Japan Oil, Gas and Metals National Corporation (JOGMEC).

The said Canadian exploration company became more widely known when it detected gold sites in a Chinese province and then sold 95% of the exploration rights in that area to the national mining company headquartered in Hong Kong. In addition to Serbia, Mundoro also carries out exploration projects in Bulgaria, China and Mexico.

Mundoro Kanada

Mundoro

Vale Canada Limited

Japan Oil Gas and Metals National Corporation

JOGMEC

Freeport McMoRan

national mining company China

Sumrakovac

Osna

Dubrava

Padina

Savinac

Tilva Roš

Hong Kong

abrak

gold

silver

geological explorations

copper sites

gold sites

production of iron

production of nickel

iron site

mining cuts

coal mines

Creighton Mine Ontario