Cement paste is an already well-known material used in ore mining. It is mainly used to fill excavation areas and the tailings from the surface return to underground mines. In this way, the amount of deposited material and degradation of the surface of the terrain are reduced. The paste itself can be used as an artificial barrier between mining works and underground watercourses. Significant economic and environmental benefits can be expected from using cement paste, which would contribute to sustainable development. The basic materials that make up cemented paste backfill (CPB) are flotation tailings, cement, and water. For CPB to be adequately and safely applied to the filling of excavation spaces and indirectly to the protection of the groundwater, environment, and sustainable development of the mining industry, it must meet certain physical–mechanical, physicochemical, and deformation properties. This paper presents the results of synthesized and analyzed samples of different compositions based on flotation tailings (from the production of ZiJin Copper in Bor, Serbia), cement, and water. The methods used for chemical and mineralogical tests include inductively coupled plasma atomic emission spectroscopy (ICP-AES), atomic absorption spectroscopy (AAS), X-ray diffraction analysis (XRD), and nephelometric turbidity units (NTUs; turbidimetry). The results prepared with CPB consisting of 5% cement, 24% water, and 71% flotation tailings were the most acceptable.