Serbia’s government said it plans to launch a tender for the privatisation of copper mining and smelting company RTB Bor by the end of March.
Serbia has launched a call for a privatisation adviser for RTB Bor, and discussions with potential investors are ongoing, including on addressing environmental risks, the government said in a letter of intent sent to the International Monetary Fund (IMF) following the completion of the Eighth Review of Serbia’s Stand-By Arrangement (SBA).
This year the company has been meting all its financial obligations, including taxes, wages, and electricity, the government said.
A Serbian court approved in July 2016 a plan for the restructuring of RTB Bor, allowing the write-off of 90% of the company’s unsecured debt. Under the plan, the remaining 10% will be repaid over eight years with a one-year grace period, while the secured debt will be converted into equity.