Russian off-shore company bought part of Bauxite Mine - €6m

The representatives of Montenegrin Government and State funds have signed the contract with Russian off-shore company Salomon Enterprises on sale of 32% of stocks of Bauxite Mine Nikšić for €6m. The Government of Montenegro approved concession to the Russian company for ore on period of 20 years and the Russian partner obliged not to exploit more than 650,000 tons of ore on annual basis, which is about 100,000 tons less than the amount of the present exploitation. Russian off-shore company from Cyprus obliged to pay €4m as compensation for concession when it signs the contract, whereas the remaining €2m will be paid in the following 20 years.