(ANSA) - BELGRADE, NOVEMBER 4 - The Chinese Zijin Mining Group, one of the largest producers of gold and copper in the world, said it will acquire new copper and gold assets in Serbia in a deal worth up to 390 million dollars (350 million euros), the company said in a statement on Monday. Zijin will acquire the stakes held by the Freeport-McMoRan Exploration Corporation in the lower zone of the Timok copper-gold mine for 240 million dollars, plus 0.4% of the net proceeds from the sales of all products annually in the mine, up to an aggregate maximum amount of 150 million dollars. The acquisition involves also five exploration licenses in the area, the company added. After the acquisition, Zijin Mining "will own 100% interests in the resources of both the Upper Zone and the Lower Zone of the Timok copper-gold mine," the Chinese giant said in the statement.

"After completion of the transaction", expected at latest in February 2020, Zijin "will further increase its resources reserves in copper and gold" by 15.59% and 9.3% respectively, Zijin Mining said. "After completion of the acquisition," the Chinese group "will practically own 100% interests in the Upper Zone and the Lower Zone of Timok copper-gold mine, which will benefit the unified planning, construction and operation of the Upper Zone and the Lower Zone of the Timok copper-gold mine." In 2018, Zijin Mining Group was selected to become the strategic partner of the state-controlled Serbian RTB Bor mine and smelter complex. Subsequently, Zijin Mining acquired Nevsun Resources, a company operating a developing project at a copper mine in Bor, in Serbia. (ANSA).