Chinese company Zijin has officially taken over “Rudarsko-topionicarski basen Bor” (RTB) and paid US$350 million today.
The agreement on accession of a new member (the Takeover Agreement) has been signed in Belgrade by the Serbian Minister of Mining and Energy Aleksandar Antic and Senior Vice President and Executive Director of Zijin George Fang.
It has been agreed that Bor based company will be called Zijin Bor Copper, and the name Serbia will also be added to it later.
Zijin has been elected strategic partner because on the tender it offered to purchase a 63 percent stake in RTB, a business plan worth US$1.23 billion, a mandatory investment of US$350 million, RTB’s debt settlement of US$200 million and preservation of 5,000 jobs.
The company Zijin is one of China’s largest gold producers and the second largest company when it comes to production of copper ore. It employs 17.500 workers in nine countries and last year it was 22nd most valuable mining company in the world, which shares are on the stock market.
Writes: T. K.