Popovic to buy RTB Bor in a deal with Russians?

(Milan Popovic)

Businessman Milan Popovic has expressed his interest in acquiring a majority stake in Mining-Smelter Basin (RTB) Bor in a deal with Russian Copper Company.

Popovic told Vecernje Novosti that considering its copper and gold reserves, RTB Bor could become the best and the most profitable company in Serbia in the near future.

According to him, the state should not allow that company to be split into pieces but sit and talk with prospective investors.

- I would like to participate in these talks, along with my partners from Russia. They are among the largest investors in the copper industry – Popovic specified.

Popovic noted that half a billion euros should be invested in RTB Bor, that is, EUR 300 million in a new smelter and about EUR 200 million in the opening of “new mines”.

- When it comes to RTB, copper price that is expected to continue to grow guarantees that this company will have a shining future – Popovic assessed.

RTB Bor is now in the process of reorganization. Unofficially, the debts of this company total about EUR 1 billion.

However, the Q1 2014 data show that RTB Bor produced 9,200 tons of cathode copper in that period and that the production of gold and silver was bigger than planned.

- As planned, 4.44 million tons of ore dug out at RTB Bor’s mines in the period January-March 2014 were used to produce 9,686 tons of copper concentrate – said people at Serbia’s largest manufacturer of copper and precious metals.