Serbia mining: Polish KGHM to build explosive plant in Copper company Bor

3. December 2013. / News Serbia Energy

Polish KGHM Concern wants to build plant of explosives within the Mining- Smelter Basin “Bor” (RTB). Director of RTB “Bor” Blagoje Spaskovski said that negotiations with Polish KGHM concern were related to the construction of a new plant of explosives and to the certain ore deposits, not to the entire RTB Bor.

RTB Bor remains state-owned. Upon exiting from the restructuring we will convert the debt to the state in the state’s capital, so the state will become the 100 percent owner of RTB Bor. Commercial debt we will pay from our own funds“, said Spaskovski.

He explained that the negotiations with the Polish copper producer were related to the construction of a new plant of explosives, which, as he says, will supply whole former Yugoslavia and Africa and will employ fifty workers.

We started negotiations and new deposits opening as Cerovo and Borska reka“, said Spaskovski.

Asked for RTB Bor debts, which now exceed 850 MEUR, he said that it was created before the 2008th, and that they were developed in the sixties, seventies and most over inflation and that this debt would be converted into the state capital.

Speaking about the construction of the new smelter, he said it would be completed by the end of the year and then “sky over Bor would be finally freed of smoke”.

The construction of the new smelter, he says, is financed in part by loans for which the government gave guarantees, part of commercial loans and a third from its own funds.

Spaskovski reminded that RTB Bor did not get more subsidies from the state, adding that the company now contributes to the budget with three MEUR monthly through contributions for workers.

He added that RTB Bor in the last few years has been working positively, that they ended the 2011th year with positively 42 million dollars, and in the 2012th they were in the plus of 56 million dollars.

Source; Serbia Energy /agencies

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