January 26 (SeeNews) - Montenegrin mining group Uniprom Metali plans to invest 3 million euro ($3.2 million) in bauxite mining complex Rudnici Boksita in the next six months, managing director Veselin Pejovic said.
The funding will go to the belt conveyors of the mine and will increase the monthly bauxite production to between 45,000 and 50,000 tonnes monthly, public broadcaster Radio Televizija Crne Gore (RTCG) quoted Pejovic as saying on Wednesday.
Bauxite production of Rudnici Boksita in 2017 is expected to stand at 200,000, valued at up to $55 million, Vujovic said.
Uniprom Metali exports the bauxite produced in Rudnici Boksita to Poland and China, he added.
In September 2015, the administrator of the then bankrupt miner Rudnici Boksita accepted the bid of Uniprom Metali for the purchase of the assets held by the company for a total of 5.39 million euro.
Rudnici Boksita resumed production at the end of 2015, after Uniprom Metali rehired some 120 former employees. The mining complex currently employs 150.
The company, which exports bauxite to China and Poland, expects the annual production of Rudnici Boksita.
($ = 0.9345 euro)