Loan contract signed - 135 million euros for new copper smelter and sulfuric acid plant in Bor

Mining-Smelter Basin (RTB) Bor and Export and Development Canada (EDC) signed an agreement today on the loan of 135 million euros for the construction and reconstruction of new copper smelter and sulfuric acid plant.

The loan agreement was signed by RTB Bor CEO Blagoje Spaskovski and EDC financial managers Joanne Tognarelli and Cristiane De Billy.

RTB Bor CEO reminded that the construction of the copper smelter according to modern "flesh-smelting" technology of Finnish manufacturer would eradicate pollution of the environment and result in much more economic production.

According to the data presented by the RTB Bor CEO, the construction of a new metallurgy unit will ensure an increase in utilization of copper from 93 to 98% and in utilization of sulfur from 50 to 98%.

- RTB will earn 42 million dollars per year only from the difference in utilization of metal and gas, which is enough to pay the annuities without a problem - Spaskovski said to the press.

The loan repayment period is ten years with three-year grace period and the annual interest rate of 2.9%, while the works are to be completed in 36 months.