By Ivan Nonkovic, Milos Vuckovic
Zijin Mining, one of China’s biggest gold producers and the second biggest producer of copper ore, won the tender to become a strategic partner in Serbia’s sole copper complex RTB Bor. The Chinese company pledged to invest USD 1.46 billion in return for a 63% stake.
Karanovic & Partners advised Zijin Mining in this privatisation procedure. The services performed by the Karanovic & Partners legal team – led by Senior Partner Ivan Nonkovic and Partner Ivan Nonkovic, included legal advisory, a due diligence of RTB Bor, the review and analysis of the transaction documents, as well as assistance in the privatisation process.
Copper ore has been excavated and melted for more than 100 years in RTB Bor, which contributes 0.8% to the country’s GDP.
Currently mining contributes 0.9 to 1% of Serbia’s GDP, however, the aim is to raise this amount to 5%. By itself, RTB Bor.
Zijin has pledged that it would keep all 5,000 workers currently employed in RTB Bor.