January 29 (SeeNews) - Serbia's government said China's Zijin Mining Group has expressed interest in the privatisation of state-run copper miner and smelter RTB Bor.
Bank of China follows the development of Zijin Mining Group and supports the privatisation of RTB Bor, the president of the Chinese company, Chen Jinghe, said, as quoted in a statement by the Serbian government on Friday.
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"The privatisation of RTB Bor is a real opportunity to strengthen the friendship that Chinese president Xi Jinping called steely," Serbian public broadcaster quoted on Saturday the president of the country's coordination council for cooperation with China and Russia, Tomislav Nikolic, as saying during a meeting with Jinghe.
Serbia's government said in December it plans to launch a tender for the privatisation of RTB Bor by the end of March. Discussions with potential investors are underway, including on addressing environmental risks, the government said in a letter of intent sent to the International Monetary Fund (IMF) following the completion of the Eighth Review of Serbia’s Stand-By Arrangement (SBA).
A Serbian court approved in July 2016 a plan for the restructuring of RTB Bor, allowing the write-off of 90% of the company's unsecured debt. Under the plan, the remaining 10% will be repaid over eight years with a one-year grace period, while the secured debt will be converted into equity.