RTB Bor improves operations thanks to higher price of copper – Priority debts worth USD 54 million repaid since December 2016

RTB Bor is regularly settling its liabilities towards the state, local self-governments and creditors thanks to a growth in the price of copper globally, the company reported today.

Deputy General Manager for Marketing, Economy and Finances of RTB Bor, Mirjana Antic, stated that an improvement in the company's operations in the first quarter of 2017 was down to increased mining production, successful operations of the new smelter, but also the average price of copper, higher by around USD 900 compared to 2016.

– Ever since the Pre-Packaged Reorganization Plan (PPRP) was put into effect in RTB Bor last December, the company has been regularly repaying its priority debts worth USD 54 million, in addition to settling the liabilities related to the production process – Antic said.

She added that RSD 490 million had been paid for public revenues in line with the obligations defined in the PPRP, and that RSD 355 million had been paid to the state in mining fees from December till April.

According to her, the installments of the loan by the Canadian EDC Bank for the construction of the new smelter are paid regularly, as are electricity bills, mining fees and liabilities towards the local self-governments of Bor and Majdanpek, as well as salaries of 4,900 employees.

– A total of RSD 1.859 billion has been paid to EPS for electricity, and RSD 67 million was paid to the budget of the municipalities of Bor and Majdanpek. RTB is improving its operations and solvency and is now able to regularly settle all its considerable current liabilities in line with the PPRP – Antic said.

Serbia Zijin Copper doo Bor

Grad Bor

Opština Majdanpek

price of copper

growth of price of copper

copper

production of copper

Mirjana Antic

PPRP RTB Bor

EDC Bank

RTB Bor settling liabilities

mining fee