World Bank welcomes copper mine sale as a lifeline for Serbian area
BELGRADE (Reuters) – The World Bank welcomed the sale of Serbia’s troubled copper complex RTB Bor to Romanian copper group Cuprom on Monday, saying it would help revitalize one of Serbia’s poorest regions. Cuprom paid $400 million for the mining and smelting complex Rudarsko Topionicarski Basen Bor (RTB Bor). It pledged to invest close to $200 million in revitalizing the complex and to keep the entire labor force of some 4,500 people. Carolyn Jungr, World Bank manager for Serbia, told Reuters after a ceremony marking the signing that the deal was «a tremendous step forward for the Bor region.» «There are commitments in terms of both the labor force and the investments that will make the important difference for the people of Bor very quickly,» she said. She said the World Bank was currently working on a project focused on the environment and on creating new jobs. «The new operation will have components to deal with the environment but also with economic development of the Bor region that is not directed to environmental conditions but to stimulate job creation, and economic development of the Bor region,» she said. Cuprom submitted the highest financial offer for the three core units of RTB Bor, including surface and underground copper mines in Bor, a surface mine and flotation unit in Majdanpek and a smelting and refining unit. Cuprom Chairman Horia Simu said they would revamp the smelting facility and install new equipment in the mining sector. «We believe we can become an important regional player,» Simu said.
