"Amalko" ready to invest 500m USD in Mining Smeltery Basin "Bor"

If it wins on the tender, Russian company "Amalko" is ready to invest about 500m USD in Mining Smeltery Basin (RTB) "Bor", which would be producing about 100,000 tons of copper per year in four years and its value would grow to about 1.5 billion USD, said the owner of "Amalko" Milan Popović.

He said that, in addition to the planned investments of "Amalko", none of about 4,200 employees of RTB "Bor" would be fired and that new workers would be employed. He warned that, in a year or two, RTB "Bor" could be in very difficult situation due to expectation that the price of copper might fall on the world stock exchanges.

According to the announcement of December 14 of the Privatization Agency of Serbia, on the occasion of the opening of financial offers, Romanian "Cuprom" offered about 400m USD for the assets of RTB, consortium of "East point" and "ORN Ivent Fond" offered 340m USD, whereas "Amalko Limited" offered 288m USD.