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Chinese giant Zijin Mining Group strategic partner for RTB Bor
Belgrade,
31 August 2018
Minister of Mining and Energy Aleksandar Antic announced today at a press conference held at the Serbian government that Chinese company Zijin Mining Group has been selected as a strategic partner of the Bor mining and metallurgical complex (RTB Bor).
Antic announced that this Chinese company will invest $1.26 billion in RTB Bor and that, in addition to that, it is obliged to invest $350 million for recapitalization.
Zijin Mining Group, which will own 63 percent of RTB Bor, has also committed itself to save 5,000 jobs and invest $200 million to settle historical debts which are to be covered by UPPR (Prepared Reorganisation Plan).
According to him, the partnership with Zijin will enable the opening of the Cerovo mine, modernisation of the smelter and the increasing of its capacity.
Within three years, it is expected that the production of copper in the smelter will be doubled, to 80 thousand tons, and in the five years to 120-150 thousand tons, Antic said.
Zijin Mining Group, which will own 63 percent of RTB Bor, has also committed itself to save 5,000 jobs and invest $200 million to settle historical debts which are to be covered by UPPR (Prepared Reorganisation Plan).
According to him, the partnership with Zijin will enable the opening of the Cerovo mine, modernisation of the smelter and the increasing of its capacity.
Within three years, it is expected that the production of copper in the smelter will be doubled, to 80 thousand tons, and in the five years to 120-150 thousand tons, Antic said.
Minister of Finance Sinisa Mali pointed out that RTB Bor, with the new investments of the strategic partner Zijin worth $1.26 billion, will at least double its share in the country's GDP, which now stands at 0.8 percent.
He said that the finding of a strategic partner for RTB Bor is a fantastic news for eastern Serbia, for the citizens of Majdanpek, Bor, Donji Milanovac and other towns in that part of the country.
Mali recalled that this is the fifth attempt at privatising RTB Bor and that it has worked out now because Serbia has changed, because now it has stable public finances, more than RSD 40 billion of surplus, a declining public debt and stable inflation.
Company Zijin is one of the largest Chinese gold producers, and is the second largest in the production of copper ore.
He said that the finding of a strategic partner for RTB Bor is a fantastic news for eastern Serbia, for the citizens of Majdanpek, Bor, Donji Milanovac and other towns in that part of the country.
Mali recalled that this is the fifth attempt at privatising RTB Bor and that it has worked out now because Serbia has changed, because now it has stable public finances, more than RSD 40 billion of surplus, a declining public debt and stable inflation.
Company Zijin is one of the largest Chinese gold producers, and is the second largest in the production of copper ore.
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