New law for bigger investments, more efficient exploration

BELGRADE - Serbia should soon get a new law on mining and geological exploration, which will boost the security of investing in the sector and contribute to more efficient and streamlined mineral resource explorations, Assistant Minister of Mining and Energy Sinisa Tanackovic said on Monday.

"Activities are underway to draw up a new, modern law aligned to European Union standards," Tanackovic said at the 4th international conference on mineral resources in the Republic of Serbia as the driving force behind economic development.

The current law on mining and geological exploration was adopted three years ago, but has been deemed deficient in certain ways, Tanackovic said at the Belgrade conference, whose general media partner is Tanjug.

Also under preparation is a draft rulebook on reporting and the results of geological resource exploration, mineral deposits and their classification, Tanackovic said.

Serbia has more than 2,000 mining phenomena and deposits of various geological resources, as well as dozens of metal mines, which justifies the significance of investing in this area, Tanackovic noted.

Foreign capital - invested by primarily Canadian and US companies - dominates modern geological explorations in Serbia, with non-ferrous metals as the most sought-after ores, he said

Mineral resources are the driving force behind economic development and Serbia is blessed by a large wealth of these natural resources, whose full use can contribute to the overall development of the country, TGI Group International CEO Symeon Tsomokos said.

The conference is attended by officials of Serbian and international institutions, embassies, ministries, agencies and faculties.

The conference was...