RTB Bor to go bankrupt if there is no buyer

At the last meeting, the Goverment of Serbia adopted the Strategy on restructuring and privatization of Mining-Smeltery Basin Bor. According to that document, domestic company will be offered for sale in three parts (copper mines in Bor, Smeltery and Refinery and Red metal deposit in Majdanpek). If there is no interested buyers, RTB will go bankrupt.

This was announced by Borivoje Stojadinović, director general of RTB. The tender for privatization of Mining Smeltery Basin Bor will, instead until the end of March, as it was planned, be announced before June. Namely, that is the time the experts of "Deloitte and Touche" need to carry out estimate of value of the assets of Bor-based company.

Stojadinović underlined that the management of RTB was obliged to solve the problem with 2,750 excess workers within 80 days from the moment the Strategy on restructuring and privatization was adopted. The workers will be offered stimulative severance pays of 200 EUR per year of work.

New owners of Bor-based and Majdanpek-based mines will get those deposits according to the principle of concession. That means that they will exploit them in accordance with the strict ecological principles and within legally regulated time limits. In the meanwhile, the State will be collecting "royalty tax", i.e. fee for use of natural resources.