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Serbia to launch RTB Bor privatisation tender in Q1’18 - Serbia Business

Serbia to launch RTB Bor privatisation tender in Q1’18

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Serbia’s government plans to launch a tender for the privatisation of state-run copper miner and smelter RTB Bor at the end of the first quarter of 2018, Serbian media reported.

RTB Bor needs a strategic partner capable of investing $500 million (591.4 million euro) in the opening of new and overhaul of existing copper mines, Blagoje Spaskovski, managing director of RTB Bor, said, as quoted by Serbian news agency Tanjug on Thursday.

Two Chinese companies, as well as a Canadian and a Russian firm are analysing potential investments in RTB Bor, public broadcaster RTS quoted Spaskovski as saying.

“The choice of a strategic partner will be determined by its willingness to invest in the development of the company,” Spaskovski noted.

Last month, Serbia’s energy ministry Aleksandar Antic said he expects RTB Bor to record earnings before interest, taxes, depreciation and amortisation (EBITDA) of $75 million in 2017.

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.