RTB Bor shuts down three mines
RTB Bor has closed production in a number of mines owing to falling copper prices, says the company.
Tuesday, 30.12.2008.
11:02
RTB Bor has closed production in a number of mines owing to falling copper prices, says the company. “RTB finds itself in a critical financial situation because of the low price of copper, which is why we have had to close production,” RTB Acting CEO Blagoje Spaskovski told journalists. RTB Bor shuts down three mines He said that the situation at the company was disastrous as the machinery was outdated and unmaintained and that copper processing was unprofitable. The price of copper fell from close to USD 9,000 per ton to USD 2,700 in September, thereby jeopardizing production at the company that employs a workforce of 4,700. Spaskovski said that there were a number of companies interested in a strategic partnership with RTB, but that those companies were waiting for the deadline of January 15 before buying the relevant documentation. The deadline for submission of applications for partnership with RTB expires on January 31. The future strategic partner will acquire the rights to a 67 percent holding in the new company that will be created with the merger of four dependent copper basins. The minimum price for a two-thirds stake in the new company is USD 300mn, and the money from the privatization will be used for reinvestment, environmental protection and satisfying obligations towards trustees.
RTB Bor shuts down three mines
He said that the situation at the company was disastrous as the machinery was outdated and unmaintained and that copper processing was unprofitable.The price of copper fell from close to USD 9,000 per ton to USD 2,700 in September, thereby jeopardizing production at the company that employs a workforce of 4,700.
Spaskovski said that there were a number of companies interested in a strategic partnership with RTB, but that those companies were waiting for the deadline of January 15 before buying the relevant documentation.
The deadline for submission of applications for partnership with RTB expires on January 31.
The future strategic partner will acquire the rights to a 67 percent holding in the new company that will be created with the merger of four dependent copper basins.
The minimum price for a two-thirds stake in the new company is USD 300mn, and the money from the privatization will be used for reinvestment, environmental protection and satisfying obligations towards trustees.
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