UK Investment fund credit line for Bor copper company in Serbia

21 August 2011 | 03:46 Code : 20744 Geoscience events
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UK London based Investment fund “Red kite mine”, will provide credit of 30 millio....
 

UK London based Investment fund  “Red kite mine”, will provide credit of 30 million Euros for opening of copper and gold mine Cerovo 1, within the Mining basic company Bor (RTB). This was confirmed for Novosti daily magazine by Mr.Blagoje Spasovski, general manager of RTB. We agreed with English company to start repaying the credit after the mine Cerovo 1 opening, in which there are reserves of 14 million tons of copper and gold, explains Spasovski. The loan was approved on three years with annual interest rate of 4,4%. The condition of Red kite management was that we sell them the copper under stock market prices for the period of next decade.  General Manager of RTB stated that the profit which will be realized with Cerovo 1 exploitation of three years will invested not only in repaying the depts but also in expansion of this mine basin. According to him, there are additional checked reserves location of additional 130 million tons of copper and gold. According to our investigations, in the next 20 years from Cerovo its possible to extract around 350.000 tons of copper, around18 tons of gold and almost 120 tons of silver, underlines Spasovski. With exploitation of this mine, with additional 400 workers within this period we will have profit of 1,5 billion dollarsProfit RTB gained profit of 4 million dollars within first 6 months, stated Mirjana Antic, deputy manager of Bor company. In that period we extracted 14.000 tons of copper,  700 tons of gold and 2,5 tons of silver.


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