China's Zijin Mining has agreed to become a strategic partner in state-owned Serbian copper mine RTB Bor after pledging to pay $1.26bn for a 63% stake. The deal is the first major foreign investment by China into Serbia since it became independent from Yugoslavia and comes as Beijing seeks new markets for its massive trade surplus. BELGRADE – As part of the agreement, Zijin Mining will spend $320m on a new copper mine and $135m towards environmental improvement schemes, but will also pay an additional $200m to settle the Serbian mine's debt.
China's Zijin Mining has agreed to become a strategic partner in state-owned Serbian copper mine RTB Bor after pledging to pay $1.26bn for a 63% stake. The deal is the first major foreign investment by China into Serbia since it became independent from Yugoslavia and comes as Beijing seeks new markets for its massive trade surplus. As part of the agreement, Zijin Mining will spend $320m on a new copper mine and $135m towards environmental improvement schemes, but will also pay an additional $200m to settle the Serbian mine's debt.