Hong Kong company interested in MSC Bor – Mine makes USD 6.5 million in the first half of 2016

After the company Liten, another Chinese corporation has shown interest in strategic partnership with Mining and Smelting Combine Bor. The Hong Kong-based company is called China Power and predominantly deals in building and running hydro and nuclear power plants and raising structures which use renewable energy sources.

– The representatives of China Power visited MSC Bor, together with the ambassador of this friendly country in Serbia, after which they didn't hide their interest in investing in our mining capacities and opening new copper and gold sites – the director general of MSC Bor, Blagoje Spaskovski, confirmed and reminded that MSC Bor had managed to save a million dollars each month from the beginning of the year, thanks to well organized operations.

According to him, it is currently being deliberated how many workers the combine really needs, considering that it is clear that the current number of 5,000 employees is definitely too high.

– When we arrive at a definite number, a voluntary social program will be offered, financed from the state budget... We are also considering the possibility of introducing mandatory vacations, but also a stricter control of sick leaves, because, as soon as we reprimand a worker for not obeying the work discipline, that worker suddenly falls ill and goes on a sick leave – Spaskovski says.

– In the first half of the year, the operating income before depreciation and amortization amounted to a little over USD 6.5 million – Spaskovski added.

The previous year, according to the assessment of the management, was one of the hardest years for MSC Bor in the last decade.

The problems that MSC Bor faced in 2014, when, due to heavy rain and flooding, the production stopped at the open pit at Majdanpek, and the adjustments of the new smelter in 2015 reduced the profit by over USD 30 million.

In addition to that, the price of copper at the world stock exchange dropped drastically.

Nevertheless, the combine celebrated the Miners' Day, August 6, with good financial results thanks to saving measures, Spaskovski said.

He added that the most significant event between the two Miners' Days was the adoption of the PPRP, which led to the write-off of a billion dollars of old debts.

Serbia Zijin Copper doo Bor

Mining and Smelting Combine Bor

MSC Bor

Blagoje Spaskovski

PPRP

Miners Day