RTB Bor less efficient due to previous management's activities, Zijin says

The Chinese company Zijin, the majority owner of RTB Bor, has encountered several objective obstacles related to the strategic activities of the previous management, due to which they will be forced to operate at lowered efficiency for a while, said the president of the company, Lan Fusheng.

In his conversation with the president of the National Council of Serbia for the Coordination of Cooperation with Russia and China, Tomislav Nikolic, he said that everyone expected a lot from Zijin's arrival to RTB and that a lot of attention was paid to the project outside Serbia's borders as well.

– Since its arrival to Serbia, Zijin has been constantly introducing new measures. In order to have good results, we need time, and we are looking to exceed the volume of last year's production. In the future, the focus of our company in Bor will be to protect the safety of the production and to protect the environment. The company will do everything in its power to develop this project – Fusheng promised.

Nikolic reminded that the investment of Zijin was the biggest Chinese investment in Serbia and added that he expected them to transfer their knowledge and experience to RTB's employees and management. As he said, the production at Bor depended on finding the most profitable ore and reducing the expenses as much as possible, and the mine was not exploited in line with a plan.

– The success of RTB Bor and Zijin is very important for Serbia's economy – Nikolic said.

In December 2018, Zijin took over RTB Bor and paid USD 450 million for a 63% stake.

The Chinese company obliges to invest USD 1.26 billion in RTB Bor over the next six years, of which 75% in the first three years, as well as to keep 5,000 jobs and invest an additional USD 200 million for the repayment of debts.

Serbia Zijin Copper doo Bor

Zijin Mining Group Co Beijing

Zijin

Rudarsko topioničarski basen Bor

RTB Bor

National Council of Serbia for the Coordination of Cooperation with Russia and China

Lan Fusheng

Tomislav Nikolic

production at RTB Bor

Chinese investments in Serbia

investments in RTB Bor

Chinese investments in Bor

Chinese investments in RTB Bor