U.S. firms gets copper exploration license in Kosovo

[Qerim]

U.S. firms gets copper exploration license in Kosovo

Released : Nov 24, 2005 1:06 PM

PRISTINA, Serbia-Montenegro-The United States firm Phelps Dodge was granted a copper exploration license in the northeastern part of Kosovo, the province's commission for mines and minerals said Thursday.

The license was given last week, and it said that the work must be started within 90 days, a statement by the commission said.

The discussions between the representatives of Phelps Dodge and the authorities revealed that company "is prepared to directly invest some €500 million (about US$591 million) in Kosovo, should the deposit reveal itself substantial enough to warrant a mega-mine," the statement said.

Phelps Dodge, based in Phoenix, Arizona, is the world's largest copper producer, and employs over 15,500 people worldwide, the statement said. To date, copper was never mined in Kosovo.

The Independent Commission for Mines and Minerals issues exploration and mining licenses and clarifies procedures for mining in Kosovo.

Some 60 mining licenses have been issued since April with a minimum value of €13.5 billion (US$11.4 billion) worth of minerals in the ground, authorities said.

Kosovo is the poorest region in the Western Balkans with an annual gross domestic product per capita of around €1,000 (US$1,250) and a jobless rate of at least 50 percent, according to EU figures, despite the fact that is rich in mines and minerals.

The province was put under U.N. administration in June 1999 following a NATO air war that pushed Serb forces out of the province after they cracked down on ethnic Albanians seeking independence.

Copyright 2005 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.

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[dodoni]

The Business Journal of Phoenix - 8:27 AM MST Friday
Phelps Dodge to look for copper in Kosovo
Copper mining giant Phelps Dodge Corp. has been granted a copper exploration license for the United Nations-run province of Kosovo, according a report Friday from Reuters.

Phelps Dodge (NYSE: PD) told United Nations officials that it was ready to invest nearly $600 million in the area, should the exploration reveal enough copper deposits to warrant a "mega-mine."

Kosovo, a war-torn former Serbian province that has been under U.N. control since NATO bombing drove out Serb forces in 1999. The Serbs were accused of atrocities against ethnic Albanians -- the majority of the population in Kosovo -- while fighting separatist rebels.

According to the Reuters report, the Kosovo area is rich in minerals, particularly lignite and nickel. U.N. officials hope that a revived mining sector will help with an unemployment rate of about 70 percent.

Phoenix-based Phelps Dodge and its two divisions, Phelps Dodge Mining Co. and Phelps Dodge Industries, employ about 15,500 people worldwide.

For more: www.phelpsdodge.com.

[dodoni]

Phelps Dodge to explore copper deposits in Kosovo
Fri Nov 25, 2005 05:44 AM ET
PRISTINA, Kosova, Nov 25 (Reuters) - The United Nations-run province of Kosovo has issued its first copper exploration licence to U.S. mining giant Phelps Dodge (PD.N: Quote, Profile, Research) , the U.N. mission said late on Thursday.
A U.N. statement said the company, the world's largest copper producer, had expressed readiness to invest 500 million euros ($587.8 million) in the disputed Serbian province should the copper deposits prove substantial enough to warrant a "mega-mine".

"This is a major development and the first of its kind in Kosovo," said Alexander Valenta, a member of the board of governors at the Independent Commission for Mines and Minerals, which is run jointly by the U.N. mission and local authorities.

"For years, we have suspected that the region was rich in copper resources."

U.N. officials running the majority Albanian province say mining has the potential to drive growth in Kosovo, provided it attracts enough investment to overhaul its decrepit mines.

Kosovo, which is particularly rich in lignite and nickel, has total mineral deposits in the ground valued at around 13.5 billion euros ($15.87 billion). It hopes a revived mining sector will help tackle an unemployment rate of around 70 percent.

Valenta said "several other major mining firms have expressed definite interest in Kosovo's copper and other resources and more interest is expected over coming months."

The United Nations took control of Kosovo in 1999 after NATO bombing drove out Serb forces accused of atrocities against ethnic Albanian civilians while fighting separatist rebels.

The 90-percent ethnic Albanian majority expects to win independence next year in U.N.-led talks just beginning, though Serbia says this is impossible. Western powers hope clarity of status will ease the concerns of potential foreign investors.


© Reuters 2005. All Rights Reserved.

[dodoni]

Phelps Dodge eshte nje kompani serioze dhe goxha e madhe ne kete industri. Kjo e ka seline kryesore ketu ne Phoenix, Arizona ku jam duke jetuar une per momentin dhe Director of Corporate Audit ne kete kompani ishte mysafir ne nje leksion per studimet qe jam duke bere per Master ne Kontabilitet dhe Sisteme Informimi tek W.P. Carey School of Business te Arizona State University, ku na njoftoi pak per kompanine ne fjale dhe me shume per sistemin e auditimit-kontrollit te brendshem ne kete kompani.

Urojme qe rezervat e koprit ne Kosove te jene ashtu sic jane parashikuar nga ekspertet e kesaj industrie dhe keshtu te realizohet sa me pare edhe ai investim madhor i kesaj kompanie tek ne, aq i deshirueshem nga gjithe shqiptaret. Poashtu, urojme qe edhe minierat tjera te linjitit, zinkut, etj. etj. te vihen ne pune sa me pare.

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