One of the largest Russian copper producers, Russian Copper Company is interested in privatizing Mining and Smelting Basin Bor (RTB Bor).
Russian company sent an official letter to the Serbian ministers of economy and energy Goran Knezevic and Aleksandar Antic respectively expressing interest in participating in RTB Bor’s privatization. The letter of interest was signed to by the CEO of the Russian Copper Company and the 66th richest Russian, Igor Altuskin.
Russian Copper Company participated in the first tender for the privatization of RTB Bor in 2016, together with Amalco Group.
Russian Copper Company is the third-largest copper producer in Russia. It also has two copper smelters, which produce annually 200,000 tons of this ore.
Srpski Telegraf reports that Russian Copper Company is interested in acquiring a major stake in Mining-smelter basin (RTB) Bor and is ready to set aside EUR 560 million for that purpose.
The plan is that the state receives EUR 331 million for 60% of equity capital, while about EUR 230 million would be spent on an reorganization plan and paying the remaining debt.
According to Srpski Telegraf, the Russians would retain the same number of workers and would not reduce their wages. Their intention is to invest in further development of the mines, as well as to develop the smelting and refining capacity, as well as restore the company to its former glory as one of the largest and most important industrial companies in Europe.
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