| Type | Public company |
|---|---|
| Industry | Copper |
| Founded | 1904 |
| Headquarters | Bor, Serbia |
| Key people | Blagoje Spaskovski, CEO Mirjana Antić, CEO |
| Products | Copper products, Copper wires, Copper bars |
| Revenue | ~US$500 Million |
| Employees | 6.900 |
| Website | rtb.rs |
RTB Bor is a copper mining company located in Bor, Serbia.
Contents |
After privatisation of the company, the following facilities of the company have remained with basic activities related to the extraction and treatment of copper ore:
Downstream entities not belonging to the core mining and metallurgical production are as follows:
In RBB:
Belorečki sandstone Lime production, Zagradje Geological exploration
In TIR:
Oxygen plant Fittings plant Castings plant Precious metals’ salts plant Photo chemicals and car cosmetics plant
History and Ownership
Oldest traces of mining in Europe were found in the region of Bor and Majdanpek and date back in 4500 years B.C.
First geological explorations of copper ore at Bor were conducted in the year 1897 and covered the area called Tilva Rosh. The explorations were performed by Djordje Vajfert, who later provided investments of the French capital and set up a company called "The French Society of the Bor Mines, the Concession St. George". The Company, with its headquarters in Paris, started operations on June 1, 1904.
The French capital remained at Bor all until the Second World war and by 1951 all copper mines at Bor were in the state ownership. Large amount of funds were invested in this period.
From 1951 until 1988 the Company changed its organizational structure, from the "organization of associated labour" to the "Business Unit Copper Mines Bor".
During 1993 the Company made various investments which further initiated opening up new mining operations such was an open pit mine called "Cerovo".
In order to comply with legislation then in force, the Company changed its organizational structure and continued to operate through a network of a few companies established as limited liability companies which actually make the company RTB Bor Group, in an informal way.
The Serbian Government has decided to place a tender on the privatization of RTB Bor to allow for better development and investment for the company in the recent years. The first tender was won by Romanian Cuprom for the bidding price of $400 Million dollars for the company[1] but failed to secure payment guarantees and subsequently lost its bid. A second tender was called soon after, the highest bidders being Austrian A-TEC for $466 Million plus 180.4 Million in investment and Russian SMR at $370 million plus $413 million in investment[2]. A-TEC was awarded the contract for the highest bid which received some criticism from some stressing that SMR made a better offer with its larger investment pledge. After the sighing of the contract was made the first $150 Million dollars was delivered by A-TEC, problems arose however after A-TEC missed its deadline for the second payment at $230 Million. The Serbian Minister of Economy, Mlađan Dinkić moved to have the contract canceled stressing that A-TEC did not honor their contract. A-TEC made several attempts to rectify the problem by increasing their offer slightly for an extended deadline. The company announced it was having trouble securing bank guarantees due to the global credit crunch or recession scare. It announced that it had secured the next payment with the help of the Austrian government. A-TEC was not permitted to see the $150 million dollars it had already paid fore returned. The Serbian government at this time had however voted to scrap the contract and offer Russian SMR the second ranked bidder a chance to purchase RTB Bor[3]. SMR was contacted by the privatization agency and entered negotiations about the previous offer made. Over all interest was lost by SMR as they decided not to change their first offer and stated they would not do so in the future. As such the second tender had officially failed[4]. It is not likely that a third tender for the company will have to be called.
RTB Bor deposits are located in the western part of the Carpathian Arch and are mostly of the porphyritic type within the Upper Timok Eruptive Zone. Currently undeveloped underground deposit "Borska reka" located within the Cerovo complex underground pit "Jama" is potentially a very important mineral resource.