Serbia may purchase gold from Zijin to boost reserves

The National Bank of Serbia may purchase gold from Zijin Mining Group Co. Ltd.'s local units to boost its reserves of the precious metal as the country prepares for crises, Bloomberg News reported Oct. 22, quoting Serbian President Aleksander Vučić.

"We have to continue buying gold to strengthen our reserves to better confront the risks for our country," Vučić said at the opening of Zijin's Cukaru-Peki copper-gold mine. "Who could've expected such an energy crisis and all the problems in all of Europe?"

Central Bank Governor Jorgovanka Tabaković has previously said Serbia's gold reserves may reach 50 tons in 2022. Serbia currently has 37 tons of gold in its reserves, the news wire noted.

In April, the Serbian government ordered Zijin to suspend work on the Jama shaft within the RTB Bor copper complex due to environmental concerns.

Zijin, meanwhile, moved up the target to complete the expansion of its Serbia Zijin Copper Doo Bor operations in the European nation to 2024 from 2025 amid a surge in copper prices.