A-Tec plans USD 93mn investment in Bor mines

Austrian A-Tech has offered to invest USD 93mn in two RTB Bor mines, reports suggest. The consortium, which submitted the best bid in the tender to buy the eastern-Serbian copper mining and processing giant, intends to invest in the mines located near Bor and Majdanpek. A-Tec plans USD 93mn investment in Bor mines The winning bid of USD 466mn beat competition in the shape of Russian oligarch Oleg Deripaska's Basic Element. A-Tec is now conducting negotiations with the Privatization Agency and the ministries of mining, energy and ecology. The talks are set to conclude on January 20. The Austrian consortium's original bid included investment of USD 180m, which was the minimum amount set by a tender commission conducting the process. Beta has now learned that A-Tec plans to invest USD 88mn, the sum remaining after its planned investment in the mines, in the copper smelter. But RTB executives said earlier this amount will not be sufficient to bring the plant to operate according to international standards, including those related to the environment. As for those RTB Bor workers whose jobs will be cut, A-Tec is prepared to pay EUR 200 per year of service in redundancy money, while unions reportedly expect the figure to be at EUR 500.

A-Tec plans USD 93mn investment in Bor mines

The winning bid of USD 466mn beat competition in the shape of Russian oligarch Oleg Deripaska's Basic Element.

A-Tec is now conducting negotiations with the Privatization Agency and the ministries of mining, energy and ecology. The talks are set to conclude on January 20.

The Austrian consortium's original bid included investment of USD 180m, which was the minimum amount set by a tender commission conducting the process.

Beta has now learned that A-Tec plans to invest USD 88mn, the sum remaining after its planned investment in the mines, in the copper smelter.

But RTB executives said earlier this amount will not be sufficient to bring the plant to operate according to international standards, including those related to the environment.

As for those RTB Bor workers whose jobs will be cut, A-Tec is prepared to pay EUR 200 per year of service in redundancy money, while unions reportedly expect the figure to be at EUR 500.