State to spend USD 130mn, keep hold on RTB

The state will invest USD 130mn into the faltering copper giant RTB Bor, says Economy Minister Mlađan Dinkić.

Izvor: B92

Tuesday, 03.02.2009.

22:43

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The state will invest USD 130mn into the faltering copper giant RTB Bor, says Economy Minister Mladjan Dinkic. He was touring the mines and smelter in this eastern Serbian town on Tuesday when he revealed that in addition to the investment, meant to go toward the construction of a brand new smelter, the state also plans to keep the company in its ownership. State to spend USD 130mn, keep hold on RTB This comes after two failed tenders to sell RTB, first to Romanian Cuprom in 2007, and then to Austrian A-Tec last year. Dinkic described the existing smelter as "the burning issue of the town and its residents", considering that it is was built 50 years ago and fails to meet environmental standards. He said that the USD 130mn investment will "change the conditions that we had so far in finding a strategic partner" for RTB. "Namely, the smelter and the mining operations will merge into one company, the state will turn all debts into capital and in this way become majority owner of [RTB] Bor, while we will invite potential investors in the mining operations via a tender, to become minority owners proportional to their stake," said Dinkic after a meeting with the company's management and union leaders. RTB Independent Union President Dragan Aleksic for his part said that the workers are satisfied with the move, and that it is "certain that with this offer Minister Dinkic has made all the people in the Timok District happy". This union leader continued to tell reporters that with a new smelter, "problems will be solved, Timok District's development encouraged", adding that it is "best for RTB to remain state-owned".

State to spend USD 130mn, keep hold on RTB

This comes after two failed tenders to sell RTB, first to Romanian Cuprom in 2007, and then to Austrian A-Tec last year.

Dinkić described the existing smelter as "the burning issue of the town and its residents", considering that it is was built 50 years ago and fails to meet environmental standards.

He said that the USD 130mn investment will "change the conditions that we had so far in finding a strategic partner" for RTB.

"Namely, the smelter and the mining operations will merge into one company, the state will turn all debts into capital and in this way become majority owner of [RTB] Bor, while we will invite potential investors in the mining operations via a tender, to become minority owners proportional to their stake," said Dinkić after a meeting with the company's management and union leaders.

RTB Independent Union President Dragan Aleksić for his part said that the workers are satisfied with the move, and that it is "certain that with this offer Minister Dinkić has made all the people in the Timok District happy".

This union leader continued to tell reporters that with a new smelter, "problems will be solved, Timok District's development encouraged", adding that it is "best for RTB to remain state-owned".

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