RTB Bor to Borrow $176 Million for Facilities, Upgrades

RTB Bor, Serbia’s sole copper producer, is looking for a 131.8 million-euro ($176 million) loan to complete new smelter and other facilities needed for a planned production increase.

The financing, approved by the government, will come on top of 170 million euros already arranged for the smelter, a slag flotation facility, wastewater processing, a sulphuric acid plant, a power plant and for paying taxes and insurance, the state-owned company said in a statement on its website.

The new smelter, built by Canada’s SNC-Lavalin Group Inc. with Finland’s Outotec Oyj, is to be completed by early 2014, enabling RTB Bor to almost double processing capacity to 400,000 tons of copper concentrate annually.

To contact the reporter on this story: Misha Savic in Belgrade at msavic2@bloomberg.net

To contact the editor responsible for this story: James M. Gomez at jagomez@bloomberg.net

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