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Serb EPS Buys ThyssenKrupp and Kopex Machinery for $77 Million

Elektroprivreda Srbije JP, Serbia’s state-run power company, agreed to buy a coal excavator from ThyssenKrupp Foerdertechnik GmbH and a conveyor from Kopex SA (KPX) for its mining operation that feeds its biggest thermal plants.

The unit of ThyssenKrupp AG (TKA) will provide the excavator for 31 million euros ($40 million) and Poland’s Kopex SA will supply the 29 million-euro conveyor for RB Kolubara DOO, Belgrade-based Elektroprivreda, or EPS, said in an e-mailed statement. The new equipment will cut costs by 26 million euros a year, it said.

The purchase is part of a 181 million-euro project to improve coal management and cut pollution at Kolubara’s open-pit mines that fuel EPS’s Termelektrane Nikola Tesla plants.

Financing is arranged with an 80 million-euro loan from the European Bank for Reconstruction and Development, 65 million euros from Germany’s development bank Kreditanstalt fuer Wiederaufbau, or KfW, a 9 million-euro grant from the German government and 27 million euros of EPS’s own cash.

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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