Chinese Zijin Mining Group buy RTB Bor complex
Chinese Zijin Mining Group buy RTB Bor complex
Author: CSEBA / SEEbiz
31st August 2018
BELGRADE - The Chinese Zijin company won the tender for Serbia’s Mining and Smelting Complex RTB Bor for 1,26 billion dollars and 63 percent of the company’s ownership, a minister said on Friday.

Aleksandar Antic, Mining and Energy Minister, told reporters that 350 million dollars from a total sum would be spent at the recapitalisation and that Zijin would secure additional 200 million dollars for the RTB’s debts.

Zijin's business plan, as a part of the tender documentation, also obliges the company to keep all 5,000 workers in the RTB.

The Chinese company is among the largest gold producers and the second biggest copper manufacturer in the world, the Belgrade media said.

It employed 17,500 workers and was ranked 22nd world most valuable miners company in 2017 with yearly earning of 10 billion Euros and the net profit in the range of 230 million Euros.

The final agreement will be signed next month, while Zijin will start managing the RTB at the beginning of the next year.

Apart from the Chinese company, two other firms responded to the public call for the RTB, but neither Canadian Diamond Fields nor Russian Yu Gold met the tender’s conditions.

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