February 28 (SeeNews) - Bosnian coal miner and energy producer RiTE Ugljevik [BANJ:RTEU-R-A] said that it has signed an agreement to form a joint venture with China's Beijing New Building Materials (BNBM) for the construction of a 50 million euro ($55.9 million) plasterboard production plant.
The factory will employ about a hundred workers and will have the capacity to produce 250,000 tonnes of plasterboard per year, RiTE Ugljevik said in a statement on Friday.
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The factory is expected to be completed within two years, local news provider Indikator reported on Saturday, citing RiTE Ugljevik director Cedomir Stojanovic.
RiTE Ugljevik will hold a 10% ownership stake in the factory which will be built on an area of 12.5 hectares at a mine dump adjacent to the company's coal mine, according to an earlier statement by RiTE Ugljevik. The plasterboard plant will use gypsum derived as a by-product at RiTE Ugljevik's recently built flue gas desulphurisation unit.
($ = 0.8939 euro)