Serbia mining: Copper company Bor starts loan repayment to Canadian EDC bank

20. June 2016. / Mining

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The Mining and Smelting Combine Bor (MSC Bor) announced on June 15 that it had paid the fourth installment of the loan taken out for the construction of the new smelter and sulfuric acid factory, after it had paid a total of USD 7.26 million to the account of the Canadian EDC bank.

As it is stated, by honoring the schedules and the deadlines, it has paid USD 4.575 million and EUR 2.353 million to the account of the Canadian bank.

It is added that the MSC Bor is paying the installments using its own assets and is regularly meeting its obligations for which the Government of Serbia has given a state guarantee.

The announcement reminds that the repayment started on September 15, 2015, and that since then an installment was paid every three months, and that the schedule and the installment deadlines were set by the creditor. The repayment of the loan will last until 2020.

In June 2010, the Canadian EDC bank approved a commodity loan for the construction of the new smelter and sulfuric acid factory at the MSC Bor in the total value of EUR 135 million, and the Government of Serbia gave its guarantee that the MSC Bor would repay the loan according to the agreed upon schedule and within the set deadline, transmits Serbia-energy.eu

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