Gold-rich mine in south gets new investment

MEDVEDjA The Farmakom MB Concern has invested EUR 5mn into the Lece gold mine, located near Medvedja, in southern Serbia. The mine has been described as "one of the most gold-rich mines in Europe". Gold-rich mine in south gets new investment The new equipment, replacing that which has been in operation for 40 years, will enable for up to 50 percent higher production of zinc, lead and gold, while at the same time improving the quality of the products, the mine's management says. Meanwhile the Medvedja municipality - one of Serbia's poorest - hopes for new job openings at the mine. Farmakom's representatives are certain that the investment will pay off, and say that the mine is "worth investing too". "Production, newly created value, export - that's the right road that we should strive for, and the reason the Farmakom Concern has been investing all along in personnel and processing equipment," said the company's deputy general director, Sasa Zivanovic. The ongoing crisis, "must not be an excuse to delay investments", he noted. The mine's director, Filip Petrovski, revealed that with the new equipment they expected to reach the capacity of 330,000 tons on the annual level. The town's economy is built around the success of the mine, and Medvedja Mayor Slobodan Draskovic noted that while some companies were "simply bought and shut down", Lece was "a giant in the municipality's territory, the backbone of development for the past 50 years". "Now in 2012, it is also the backbone of development, and everything is revolving around it," the mayor explained. At this point, the mine employs 360 workers, while the management says they will hire more people once the new equipment is installed and allows for an increase in production. B92

Gold-rich mine in south gets new investment

The new equipment, replacing that which has been in operation for 40 years, will enable for up to 50 percent higher production of zinc, lead and gold, while at the same time improving the quality of the products, the mine's management says.

Meanwhile the Medveđa municipality - one of Serbia's poorest - hopes for new job openings at the mine.

Farmakom's representatives are certain that the investment will pay off, and say that the mine is "worth investing too".

"Production, newly created value, export - that's the right road that we should strive for, and the reason the Farmakom Concern has been investing all along in personnel and processing equipment," said the company's deputy general director, Saša Živanović.

The ongoing crisis, "must not be an excuse to delay investments", he noted.

The mine's director, Filip Petrovski, revealed that with the new equipment they expected to reach the capacity of 330,000 tons on the annual level.

The town's economy is built around the success of the mine, and Medveđa Mayor Slobodan Drašković noted that while some companies were "simply bought and shut down", Lece was "a giant in the municipality's territory, the backbone of development for the past 50 years".

"Now in 2012, it is also the backbone of development, and everything is revolving around it," the mayor explained.

At this point, the mine employs 360 workers, while the management says they will hire more people once the new equipment is installed and allows for an increase in production.