September 21 (SeeNews) - Serbia expects China's Zijin Mining Group to complete the $350 million (297 million euro) recapitalisation of state-run copper mining and smelting company RTB Bor by the end of 2018, energy minister Aleksandar Antic said on Friday.
"We expect to sign the final agreement for strategic partnership in RTB Bor and the payment of the entire $350 million recapitalisation by Zijin by the end of this year," Antic said in comments aired live by Serbian private broadcaster TV Prva.
The Chinese investor will assume the management of RTB Bor and will launch its investment programme by the end of this year and the Serbian government expects results to come rapidly, as the plan of Zijin is very ambitious, Antic said.
Earlier this month, Serbia picked Zijin as a strategic partner in RTB Bor. The Chinese company will invest $1.26 billion in RTB. Apart from the planned investment, the Chinese company, which will hold a 65% stake in RTB Bor, is obliged to recapitalise the miner with $350 million.
Zijin has also agreed to keep all 5,000 jobs at RTB Bor and invest a further $200 million in settling the company's debts.
($ = 0.849683 euro)