Deputy Prime Minister and Minister of Economy and Regional Development Mladjan Dinkic announced that the construction of the new smelting facility at the mining and metallurgical complex RTB Bor will begin this summer.

Together with Canadian Ambassador to Belgrade John Morrison and representatives of the SNC-Lavalin Company, Dinkic visited the RTB Bor mining complex, for which a new investment cycle has been announced, including the construction of a new smelting facility, a refinery and a sulphuric acid factory.

Dinkic said that the construction of new facilities will be financed via a very favourable loan granted by the Export Development Canada (EDC) bank, in the amount of €135 million. The loan was secured thanks to guarantees provided by the Republic of Serbia, Dinkic noted adding that the contractor is Canadian company SNC-Lavalin.

The Deputy Prime Minister said that this is the most serious investment cycle in the last 30 years, specifying that €27 million will be invested in mining equipment.

During his tour of the Veliki Krivelj open pit, Dinkic officially put a new damper into operation. The new equipment installed includes ten trucks that can transport 220 tonnes each, two excavators, two bulldozers, a drill and a grader.

Investment in this mine is an investment in the future because there will be new jobs for young engineers and new employees, which will contribute to the development of the entire region of eastern Serbia, he said.

He added that this investment will also provide a healthier environment for the citizens of Bor.

It is important to invest in Bor, because copper is a strategic raw material, with its value on the world stock market having recovered faster than that of other metals, said the Minister and explained that copper is increasingly used in the production of clean technologies.

The Minister said that the agreement on financing is to be signed with the EDC by 20 May, after which the document should be ratified in the Serbian parliament.

The EDC’s loan will be granted under very favourable conditions, with a grace period of three years, 14 semi-annual payments and an effective interest rate of approximately 2.9% per annum, concluded Dinkic.