SYDNEY, AUSTRALIA: Apollo Minerals Limited has announced that it has agreed to buy Edelweiss Mineral Exploration d.o.o, which owns the Belgrade Copper Project in Serbia, Europe.
The project covers 202km2 of exploration ground in the Carpatho-Balkanian Metallogenic Province, a region known for its copper deposits.
The project was part of the portfolio of Reservoir Minerals Inc, which was acquired by Nevsun Resources Ltd for US$365 million in 2016 and then by Zijin Mining Group Co for US$1.4 billion in 2018.
Apollo Minerals’ Managing Director, Mr Neil Inwood, said that the project has a compelling exploration thesis and that the company is excited to test it.
He said that Reservoir Minerals, which discovered the 20 million tonne Cukaru Peki copper deposits at Bor, did not focus on the highly prospective ground that Apollo Minerals has acquired. He said that Serbia is Europe’s second-largest copper producer and that he believes there are world class sedimentary-hosted copper discoveries to be made in the region.
He also said that the project complements the company’s existing zinc-lead base metals focus in Gabon and diversifies its commodity exposure. He said that the acquisition will create value for the shareholders with minimal dilution and that the company is impressed with the infrastructure, mining knowledge, and workforce in Serbia.