Bulgarian Kaolin buys Serbian Belorecki Pescar for EUR 1m

Bulgarian Kaolin buys Serbian Belorecki Pescar for EUR 1m

Bulgarian mineral extracting and processing company Kaolin said on Thursday it had acquired Serbian quartz sand quarry Belorecki Pescar through its local unit Jugo-Kaolin for EUR 1 million. The company has made commitments to invest an additional EUR 850,000 in the quarry within the next five years. Belorecki Pescar, located in Serbia's eastern town of Bor, is part of ailing copper smelting and mining complex RTB. The acquisition, Kaolin's fifth deal in Serbia, is part of the company's strategy to expand into southeastern Europe. Earlier in 2010, the company unveiled a EUR 15 million silica sand enrichment plant in Ukraine, the largest investment by a Bulgarian firm in the country. The firm projects to recoup its investment within 12 years.