SERTIC: RTB Bor will not be closed
The Mining Smelter Basin (RTB) Bor will most definitely not be closed, said Serbian Economy Minister Zeljko Sertic.
- Along with Resavica mine, RTB Bor is one of the two biggest problems of ours. The fact is that it operates at a loss due to bad prices in the global market. The price of copper has dropped from USD 9500 to USD 4150 per tonne. We are looking for a solution to allow for RTB Bor to operate more successfully and without losses - Sertic told today's edition of the daily Politika.
He stressed that the Government was aware that a significant part of eastern Serbia depended on the operations of that company and that it must be preserved and protected.
- At the moment, a team of the consulting company McKinsey is diagnosing the situation in RTB Bor, and this process will take few more weeks to complete, after which we will have a more realistic and precise insight into the state and, thus, be able to make appropriate decisions - said Sertic.
RTB Bor is one of 17 strategic companies whose status is to be resolved by May 31, 2016, when their protection from creditors expires and the state ceases to provide financial assistance.
The debt of RTB Bor total about half a billion euro, EUR 150 million of which is a state-guaranteed loan. This year, the first installment of EUR 23 million will be due, and the company also owes EUR 50 million to the Petroleum Industry of Serbia (NIS).
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