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The Government of the Republic of Serbia

In the service of citizens

Contract on sale of RTB Bor terminated in accordance with Law on Privatisation

Belgrade, 27 April 2007

The committee in charge of monitoring implementation of the action plan for the restructuring and privatisation of the mining and metallurgical complex RTB Bor stated that at today’s session the unanimous stand was taken that the contract for sale of RTB Bor was terminated in accordance with the Law on Privatisation, due to the failure of the Romanian company Cuprom to submit the guarantee for payment.

According to a statement given following the session at which the present situation and further steps in the procedure of implementing restructuring and privatisation of RTB Bor were discussed, after an analysis of the Law on Privatisation and other relevant regulations and contracts it was concluded that there is no legal basis for engaging in negotiations with the second ranked bidder at the tender.

It was also concluded that in the aim of protecting the interests of employees, companies, creditors and the state, implementation of the procedure for restructuring should be continued.

Keeping in view the importance of the company for Serbian economy, the monitoring committee considers that it is best that a new tender is announced for RTB Bor, and that this should be done by the new Serbian government.

The monitoring committee considers that RTB Bor is a company strategically very important for the development of the region and the Serbian economy, reads the statement.