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Romanian Cuprom

buys Serbian copper company for 400 million dollars

Belgrade- The Serbian government announced Monday that Cuprom Romania submitted the winning bid of 400 million dollars for the purchase of Serbia's largest copper producer RTB Bor. Cuprom bid 80 million dollars more than the second highest bidder, the Cyprus-based company East Point.

Negotiations for the privatisation of the Serbian company between Cuprom and RTB Bor union officials lasted more than two months, ending in an agreement that all workers made redundant after the sale would receive 400 euros (530 dollars) compensation each for every year of employment.

Rudarsko Topionicarski Bazen Bor includes a smelter and several mines in eastern Serbia.

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