RTB Bor sale: Russians submit incomplete paperwork

A commission in charge of the RTB Bor tender says the Russian bidder will have to submit additional documents. The Tender Commission yesterday opened technical bids in the sale of the eastern-Serbia based copper mining and processing complex RTB Bor, to give one of the two companies competing in the race until November 19 to come up with complete documentation. RTB Bor sale: Russians submit incomplete paperwork A source with the commission confirmed for Beta news agency that Russian SMR was missing some of the documents necessary. Seven days ago, the commission found that both SMR and Austrian A-TEC qualified for the tender. The report Monday, produced by the privatization adviser, says that the second bidder, A-TEC, met all the requirements. SMR is part of Basic Element, owned by Russian oligarch Oleg Deripaska, while the Austrian consortium includes A-TEC Minerals and Metals Holding, A-TEC Industries and Montanwwerke Brixlegg. The tender documents necessary to participate in the race were bought by five companies, but Zoran Drakulic's East Point, Russian Solvay and Indian Vedanta Resources dropped out. The second tender was announced on August 31 this year, with a minimal price set at EUR 340mn, and an additional obligatory investment program of at least EUR 180mn. The first tender saw the minimal price of EUR 266.7mn, but the first ranked bidder, Romania's Cuprom, after offering EUR 400mn, pulled out of the deal unable to secure financial guarantees for the acquisition. The financial part of the bids in the latest tender is expected to be revealed next week.

RTB Bor sale: Russians submit incomplete paperwork

A source with the commission confirmed for Beta news agency that Russian SMR was missing some of the documents necessary.

Seven days ago, the commission found that both SMR and Austrian A-TEC qualified for the tender.

The report Monday, produced by the privatization adviser, says that the second bidder, A-TEC, met all the requirements.

SMR is part of Basic Element, owned by Russian oligarch Oleg Deripaska, while the Austrian consortium includes A-TEC Minerals and Metals Holding, A-TEC Industries and Montanwwerke Brixlegg.

The tender documents necessary to participate in the race were bought by five companies, but Zoran Drakulić's East Point, Russian Solvay and Indian Vedanta Resources dropped out.

The second tender was announced on August 31 this year, with a minimal price set at EUR 340mn, and an additional obligatory investment program of at least EUR 180mn.

The first tender saw the minimal price of EUR 266.7mn, but the first ranked bidder, Romania's Cuprom, after offering EUR 400mn, pulled out of the deal unable to secure financial guarantees for the acquisition.

The financial part of the bids in the latest tender is expected to be revealed next week.