Serbia has picked a Chinese firm to take over its debt-hit copper mine after the company offered to invest $1.26 billion, a minister said Friday.
The deal, which gives China's Zijin Mining a 63 percent stake in the RTB Bor mining and smelting complex in eastern Serbia, marks the latest expansion of Beijing's economic footprint in the Balkan region.
As part of the agreement, Zijin has also promised to cover RTB Bor's $200 million debt and keep 5,000 jobs at the mine, Serbia's Minister of Energy and Mining Aleksandar Antic told reporters. The contract is expected to be signed in September and Zijin could start managing the company early next year, Antic added.
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