Government of Serbia approved the new loans to Mining and Smelting Basin “Bor”, 131,8 MEUR, SNC Lavalin contracted for new foundry

, Mining

Serbian Government approved to Mining and Smelting Basin “Bor” 131,8 million EUR of additional loans for reconstruction of copper foundry and construction of sulfur acid factory what increased value of the project to 301,8 million EUR.

Basin Bor will provide new assets with “additional borrowing or advance selling of copper and other metals from existing gangue reservoirs in Bor and Majdanpek”, it was stated in the conclusion of Serbian Government that was said to media by Deputy Managing Director of Mining and Smelting Basin Bor.

210 million EUR is planned for the construction of foundry and factory of sulfur acid, the rest of money is predicted for construction of slag floatation, operation for wastewater treatment, power plants, following infrastructure, different taxes, customs and insurances- Zivkovic declared.

He explained that 40 million EUR will be separated from the amount of new loan for the new projects of Canadian Company “SNC- Lavalin” which constructs the new foundry, and the rest will be reserved for needs of the factory which is necessary for foundry’s labor.

– It is necessary in order to prove and show all parameters because of which the foundry is being built, so copper use can be 98% and sulfur-dioxide 98,5%- Zivkovic stressed.

Basic labor on the new foundry project will be finished until the end of this year and the foundry will launch work in the first months of 2014 at full speed- it was mentioned in Basin Bor.

– The foundry is planned to process 300.000 tons of concentrate from its own resources until the end of 2014, full capacity and procession of 400.000 tons yearly is expected in 2016- it was stated in the  Bor’s company.

Source Serbia Energy/Serbian gov