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The Government of the Republic of Serbia

In the service of citizens

Revitalised "Cerovo" mine provides long-term prospects for mining in this region

Bor, 9 May 2012

Minister of Economy and Regional Development Nebojsa Ciric attended today the commissioning of the revitalised mine "Cerovo" and ore processing plant for copper ore from Bor deposits whose revitalisation amounted to €18 million.

The Ministry of Economy and Regional Development stated that the Minister expressed satisfaction over the fact that RTB Bor financed this investment alone, noting that this will enable a new development phase as part of which RTB will get new partners and investments.

He said that the expected annual revenues are $100 million and annual profit $45 million.

Ciric added that the new equipment is almost completely procured, which will further enable easy implementation of this investment.

The Minister expressed confidence that the next government will continue to support further development of RTB including its consolidation, and providing new jobs, regular wages and salary increases for those who deserve it. Ore reserves in "Cerovo" are more than 150 million tonnes of ore with more than 490,000 tonnes of copper ore.

The mine "Cerovo" currently employs 150 workers. Its planned production level is 2.5 million tonnes of ore per annum by 2014, or 5.5 million tonnes after 2014.

Exploitation of copper ore from the deposit in "Cerovo" was conducted in the period from 1991 to 2002, after which the plant stopped production, the statement added.