24.3 C
Belgrade
Supported byspot_img
spot_img

Serbia seeks new management for loss-making state copper mine

Member of Europium Groupspot_img
Supported byspot_img

Serbia’s RTB Bor is seeking a new management team to prepare the state-run copper mine and smelter for privatisation and repay up to one-billion euros of debt.
As part of a 1.2-billion-euro loan deal agreed with the International Monetary Fund in 2015, Belgrade must dispose of its remaining and mainly loss-making state-owned companies.

Last month, Prime Minister Aleksandar Vucic made a plea for Hesteel, China’s biggest steelmaker, to buy the copper miner, which employs about 5 000 people, or more than one in ten people in the Bor municipality in eastern Serbia.

A restructuring plan submitted by Serbia’s only copper mine envisages writing off 90% of its debt, mainly to state electricity and transport companies, and a one-year grace period before starting to pay back the rest.

Supported by

The plan also envisages cutting 1 500 jobs over five years, starting from 2017.

An advertisement published in the Politika daily stipulated that the new RTB Bor leadership of ten people must offer a plan for the company’s development, improvement of production and sales and implementation of a restructuring plan.

The approach is similar to the one the government took regarding steelmaker Zelezara Smederevo, where professional management was introduced last year to prepare a sale to Hesteel.

“The level of detail and the quality of the proposed business plan is an important criterion,” said the advertisement in English. The deadline for applications is April 28.

Serbia’s state companies have traditionally been run by party officials and been heavily subsidised.

source: miningweekly.com

Supported byElevatePR Digital

Related News

Canada Nickel reveals initial resource estimate for Deloro project, underscoring Timmins District prospects

Canada Nickel has announced the initial mineral resource estimate for its Deloro nickel sulphide project, located in Ontario's Timmins-Cochrane mining camp. This estimate marks...

Resouro Strategic Metals unveils extensive resource estimate for Tiros titanium and rare earths project

Resouro Strategic Metals, a recent entrant into Brazil’s rare earths sector, has unveiled a significant resource estimate for its Tiros project located in Minas...

NMMC targets $1 billion investment in 2024 to expand gold production capacity

Navoi Mining and Metallurgical Combine (NMMC), the world’s fourth-largest gold producer and Central Asia’s largest gold miner, has announced an ambitious investment program for...

U.S. and Kazakhstan strengthen energy partnership at 2024 Strategic Dialogue in Astana

On July 18, 2024, the U.S. Department of State and the Department of Energy, in partnership with Kazakhstan’s Ministry of Foreign Affairs and Ministry...
Supported by
Supported by
Supported by
error: Content is protected !!