Bosnia mining: Mineco’s Sase lead zinc mine exceeds 2015 plans, Ore exploitation 7,2% bigger than planned

5. January 2016. / Mining

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Lead and Zinc mine “Sasе” owned by UK Mineco Group achieved record exploitation of 323.730 tons of lead ore which is 7,2% bigger than planned. President of the Management Board of this company Jelena Petrić stated that they are expecting good financial results at the end of this year.

She stated that lead and zinc price at the stock markets is “falling” so next year expenses will be rationalised but there will be no lay offs, but there will be no hiring as well, except for the pit.

In this company they claim that since the signing of the concession agreement on the exploitation and management of this mine in 2007, the production scale has been increased for 177%.

2.4MEUR was invested in “Sase” which is 17,5% more than planned.

Petrić says that since the signing of the concession agreement till second half of this month total of 13MEUR has been invested, which shows that thirty-year plan of investment of 14MEUR in this mine is almost completed, which is the total investment obligation from the concession agreement.

-In the first decade of the implementation of the concession agreement we have completed all taken investment obligations, but that does not mean we are stopping with the investing. In 2016 we planned new investments of 2.45MEUR – Petrić clarifies.

Speaking of concession obligations, she stated that this year, based on concession reimbursement “Sase” mine paid in 600K EUR to the budget of the Republic Srpska, and since the implementation of the agreement a total of 4.2MEUR has been paid.

-For taxes and contributions for the sallaries we have paid 2.1MEUR, for the accelarated retirement we paid 200K EUr and for solidarity contribution 90K eur – said Petrić and stressed that they are paying all due direct and indirect taxes timely.

“Sase” mine, as the largest company with 532 employees in the territory of Srebrenica and Bratunac and one of the three largest in the Birač region, shows high level of social responsibility and supports different cultural and sports manifestations, infrastructure renewal, work of sports clubs, associations and engages in humanitarian activities in these two municipalities. They have spent 300K Eur in the past few years on these activities.

The mine has invested more than 1.5MEUR in the reclamation of waste dump sites, protection of waste dam and regulation and relocation of the Saška river bed.

“Sase” mine operates within the ”Gross” company from Gradiška which is in the majority ownership of the British company “Mineco”, transmits Serbia-energy.eu

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