September 18 (SeeNews) - Serbia's energy ministry Aleksandar Antic has said he expects state-run copper miner and smelter RTB Bor to record earnings before interest, taxes, depreciation and amortisation (EBITDA) of $75 million (89.6 million euro) in 2017.
RTB Bor is attracting the interest of eight foreign companies wishing to support the government in developing the company, Antic said in a video file posted on the website of Serbian news agency Tanjug on Saturday.
The company needs investments worth some $500 million to overhaul its production facilities and open new mines, Antic said.
Serbia and RTB Bor need to seek partners for such an investment and the government needs to keep improving the business climate in Serbia to be able to attract a strategic partner, he noted.
Last month, Antic said RTB Bor is expected to close 2017 with a profit of 10 million euro.
The economy ministry said in November that the government was trying to strike a deal that would allow a big Chinese company to enter RTB Bor, as was the case with steel group Zelezara Smederevo.
A Serbian court approved in July 2016 a plan for the restructuring of RTB Bor, allowing the write-off of 90% of the company's unsecured debt. Under the plan, the remaining 10% will be repaid over eight years with a one-year grace period, while the secured debt will be converted into equity.
($ = 0.836732 euro)