• Most Popular
  • Most Shared

Serbia seeks partner to revive Bor copper complex

Fri Jul 11, 2008 4:59am EDT

Stocks

   

BELGRADE, July 11 (Reuters) - Serbia launched its third effort to privatise troubled copper complex RTB Bor on Friday, this time looking for a strategic partner instead of a new owner.

RTB was run down in the 1990s when Serbia faced sanctions for its role in the Yugoslav wars, and is estimated to have debts of $500 million.

Attempts to sell it to Romania's Cuprom and Austria's A-TEC (ATEC.VI) in the last two years both fell through at the last minute.

A tender published in Politika daily said only companies with annual production of more than 80,000 tones of pure copper or over 100,000 tones of cathode copper would be eligible.

It did not give any other terms.

From August 1 to September, 26 potential investors will be able to meet RTB Bor management and inspect the facilities, the tender said. They have until September 30 to send a letter of interest.

Despite pulling out in April, A-TEC has said it is still interested in RTB, if the price is lower than the $466 million it had originally pledged to pay.

(Reporting by Ivana Sekularac; Editing by Quentin Bryar)



More from Reuters

A customer is served at a counter inside a foreign exchange store displaying a poster of various banknotes including the Chinese yuan or renminbi (RMB) in Hong Kong November 20, 2009. REUTERS/Bobby Yip
OUTLOOK 2010:

Be careful what you wish for

Pressure on China to loosen its grip on the yuan will continue but the U.S. should tread carefully. Here are five world market issues to watch.  Full Article 

Aurora, a 20-year-old Beluga whale, swims with her newborn calf after giving birth at the Vancouver Aquarium in Vancouver, British Columbia June 7, 2009. REUTERS/Andy Clark

365 days for the doomed

From polar bears to emperor penguins, endangered species will get top online billing in 2010 during the Year of Biodiversity.  Full Article