Deripaska no longer interested in RTB Bor

Deripaska no longer interested in RTB Bor

Oleg Deripaska's Basic Element will not bid to become RTB Bor's strategic partner, it has been revealed. Last year, SMR, Basic Element's daughter company, was second-placed in the second tender to sell the eastern Serbia-based copper mining and smelting complex.

Now, Basic Element's PR Director Elena Rollins told Tanjug news agency that the conditions of the latest invitation issued by the Serbian government are no the reason the company has lost interest in the acquisition.

"We have already taken part in tenders for RTB Bor twice, and now this decision has been made," Rollins said.

Both previous tenders fell through after their respective winners, Romanian Cuprom and Austrian A-TEC, withdrew from signed contracts after being unable to secure banking guarantees for the deal.

Deripaska is Russia's richest man, while his Basic Element holds a controlling stake in Rusal, the world's largest aluminum company.