Tender for RTB "Bor" extended until May 15th

- The deadline for submission of obligatory bids for takeover of the minority package of stocks of Mining-Smelter Basin (RTB) Bor has been extended until May 15th – the Minister of Economy of Serbia, Mlađan Dinkić, said today (April 21st, 2009).

- The deadline was supposed to expire today - Dinkić said at the press conference.

Austrian “A-Tec” is the only company that can bid on the tender since it has bought the tender dossier.

"A-Tec" won on the last tender for sale of RTB Bor by offering the price of 466m USD, but the tender was declared unsuccessful because the company did not pay the money on time.

Dinkić said that "A-Tec" had been allowed to participate in the tender because the subject of the sale is the minority share in RTB.

- Its share in RTB will be growing bit by bit, so that we will be able to estimate the company as an investor – said Dinkić.

The Privatization Agency of Serbia announced the tender for RTB Bor on February 27th. By means of additional capitalization worth 116m USD, the strategic partner will acquire 40% of the ownership in the new company that will be the result of the merger of RTB, Copper Mine Bor, Copper Mine Majdanpek and Smelter and Refinery.

The money from additional capitalization, which should be carried out within next three years, is intended for investments in mines and overhaul of the existing smelter.

According to the tender terms, the republic of Serbia is willing to finance construction of new copper smelter “in accordance with the best available technology that meets all environment protection standards".

RTB was offered for sale on tender on two occasions, but the sales contracts were cancelled both times because the buyers failed to pay the price on time.