New copper smelter "to boost GDP"

New copper smelter "to boost GDP"

BOR -- Prime Minister Aleksandar Vučić visited on Wednesday the copper mining and smelting complex RTB in Bor, eastern Serbia.

The construction of a new copper smelter is underway there, with dry runs scheduled to begin by the end of the year.

Addressing the RTB management and employees, Vučić pointed out that the government has lived up to its promise and transferred RSD 30 million as financial aid to the Bor-based copper mining and smelting complex.

The construction of a new copper smelter will cost over EUR 250 million and it is expected to start generating profit as early as in 2016, said Vučić.

The production set to commence in the new copper smelter will have a strong impact on Serbia's GDP growth, stressed the prime minister.

He noted that "even the usually skeptical IMF projects a 2% GDP growth in Serbia in 2017".

I believe that this milestone will be achieved in 2016, said Vučić, explaining that the optimistic forecast is based on the fact that Železara Smederevo will start operating at full capacity in May next year, as well as other industrial complexes such as the Priboj-based truck maker FAP, the petrochemical complex of Azotara Pancevo and the Kikinda-based MSK chemicals.

"Even if the problems with copper ore deposits at Cerovo, Borska Jama and Majdanpek are not resolved, we will earn 10, 12 or 14 million euros per year when the Bor copper smelter is completed," said Vučić.

Serbia's public debt is expected to be cut to 77-78% of GDP by 2017, he added.

I think that this is more than anyone could have expected to achieve in a single term in office, the Serbian prime minister said.