Director of Geological Institute: Mineral Resources of Serbia Worth Close to USD 200 Billion

The director of the Geological Institute of Serbia, Dragoman Rabrenovic, has stated that the mineral resources of Serbia, not counting the new site near Zagubica, are worth nearly USD 200 billion.

– All companies which do explorations, once they confirm the reserves, report those data to the institute and it has the real insight into what’s available in that field – Rabrenovic said for TV Insajder.

He said that they were waiting for results of the most recent explorations in the Zagubica area, but that, according to the preliminary results, there were two to three sites there.

– A rough estimate would be that we’re talking three to four billion dollars for gold alone – Rabrenovic said.

The director of the Geological Institute said that the mining fee was 5% at that moment.

– Under a rough calculation that, on an annual level, when it comes to the production of gold in Bor, the annual fee should be USD 200 million, 40% of that goes to the local self-government, 60% to the state – he said.

Regarding the environmental consequences of the excavation of gold, Rabrenovic said that geological explorations were safe on the whole, whereas mining and exploitation depended on the type of the mineral resource, but added that “over 90% of that process is safe”.

Geološki zavod Srbije

Geological Institute of Serbia

Dragoman Rabrenović

mineral resources

mineral resource site near Žagubica

gold mining

mining fee

geological explorations