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BELGRADE (Serbia), October 1 (SeeNews) - Serbia’s competition regulator said it has approved the acquisition of a 65% stake in the capital of state-owned copper miner and smelter RTB Bor by Chinese company Zijin Mining Group.
The competition authority approved the market concentration, as Zijin Mining Group has not been active in the country so far, it said in a statement on Sunday.
Last month, Serbia picked Zijin as a strategic partner in RTB Bor. The Chinese company will invest $1.26 billion (1.09 billion euro) 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 $200 million in settling the company's debts.
($ = 0.8629 euro)