After exciting auction, Mine "Kovin" sold for 17m EUR

Although the representatives of Vuk Hamović, Vojin Lazarević and Miodrag Kostić, appeared on the yesterday auction (April 18, 2007) for procurement of Mine "Kovin", they were beaten by Hristo Kovaški, Bulgarian energy tycoon, the owner of several power plants and mines in the neighboring country.

"Kornikom", the company connected to Kovaški, offered more than 17m EUR for Kovin-based company, which is about six times more than the starting price. Underwater exploitation mine on the Danube produces coal for power plants, industry and households and gravel for all construction works from roads to high-rise buildins. All produced quantities of coal and gravel are sold without any difficulties.

The company has been estimated to 20m EUR, but the State offered 70% for sale, so that, according to the rules of the auction sale, the starting price amounted to one fifth of that percentage, that is, 14m EUR. Thus, the starting price was 2.8m EUR or about 223m RSD.

Serious buyers, first of all, Hamović and Lazarević, gave up the auction after the price exceeded the amount of 10m EUR.

However, Bulgarians had to offer even higher price, because of the other competitors on the auction - Zoran Ivković, Jaroslav Stuparski, a representative of Miodrag Kostić and company "Montera".