Zijin Mining, one of China's biggest gold producers and the second biggest producer of copper ore, won the tender to become a strategic partner in Serbia's sole copper complex RTB Bor. The Chinese company pledged to invest USD 1.46 billion in return for a 63% stake.
Karanovic & Partners advised Zijin Mining in this privatisation procedure. The services performed by the Karanovic & Partners legal team – led by Senior Partner Miloš Vučković and Partner ⃰ Ivan Nonković, included legal advisory, a due diligence of RTB Bor, the review and analysis of the transaction documents, as well as assistance in the privatisation process.
Copper ore has been excavated and melted for more than 100 years in RTB Bor, which contributes 0.8% to the country's GDP.
Currently mining contributes 0.9 to 1% of Serbia's GDP, however, the aim is to raise this amount to 5%. By itself, RTB Bor.
Zijin Mining Group Company Limited is a leading a Chinese gold, copper and non-ferrous metals producer and refine. The company employs more than 17 thousand workers in nine countries, and last year it was the 22nd most valuable mining company in the world. Zijin's annual operating income amounts to EUR 10 billion, with net profits exceeding EUR 230 million.
Zijin has pledged that it would keep all 5,000 workers currently employed in RTB Bor.