Company "Cuprom" has 30 days to start negotiations on procurement of Mining Smelting Basin (RTB) "Bor"

The Privatization Agency of Serbia set the dealine of 30 days for Romanian company "Cuprom" to start negotiations on procurement of Mining-Smelting Basin "Bor", on the basis of the best offer on the tender.

According to the local media, "Cuprom" came out with the additional conditions and requested 25 changes and supplements to the sales contract and the contract on transfer of exploitation rights, so that it could become the owner of RTB "Bor".

Recently, company "Cuprom" offered 400m USD on the tender for procurement of property of RTB, which is 60m USD more than the second-ranked bidder, the consortium made of Cyprus-based "East Point" and British Investment Fund "ORN".

"Cuprom" demands the guarantee from the Government of Serbia that the price of electric energy will not go up in the next six years, because it would result in the increase in price of copper production. Romanians also request an increase in the percentage of the pledge of property of RTB from current 5 to 30%, as well as that the part of the money, which they are obliged to pay for the procurement of Bor-based company, be paid to the State after resolving of the mutual ownership-legal relations between the companies that are parts of RTB.