Zijin to pay USD 350 million upon handover of RTB Bor

The Chinese company Zijin will pay USD 350 million in cash immediately upon the official handover of RTB Bor, to take place on December 18, says Blagoje Spaskovski, the director general of RTB Bor.

– The sum will be paid by Zijin immediately, with an additional USD 900 million to be invested. Everything will be paid to the account of RTB Bor which has already been opened in the Bank of China and used only for investments – Spaskovski said.

At the event organized for members of the Managing Board and the General Meeting of RTB Bor, where they were presented with recognition letters for their cooperation and contribution to the company's operations in the past years, Spaskovski reminded that the Chinese management would take over the mines and the foundry on December 18, RTB Bor says in a press release.

– The official handover will be carried out on that date in Belgrade. The general, financial and technical manager, as well as the executive manager, will arrive from China. Our entire structure for the coordination and control of processes is to be kept until the Chinese partners determine whether they need to bring their executives here – he added.

Noting that it depends on the knowledge and the efforts of the employees how many Chinese experts Zijin is to bring, Spaskovski said that, if domestic employees are shown to do a good job, the Chinese will not bring more than 16 of their managers.

As for the strategic partner, Spaskovski said that Zijin was an excellent company with several billion dollars of income, copper and gold operations and experience in foreign operations. He reminded that, around ten years ago, RTB Bor was being sold in its entirety for USD 247 million.

– From this perspective, I can say that it is good that we got Zijin as a strategic partner with a 63% stake – Spaskovski said.

Zijin Mining Group Co Beijing

Serbia Zijin Copper doo Bor

Zijin

RTB Bor

takeover of RTB Bor

Blagoje Spaskovski

takeover of RTB Bor by Zijin