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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.

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