Thursday, April 20, 2006

Sale of Kosovo's nickel plant completed

PRISTINA, Serbia-Montenegro (AP) - Authorities in Kosovo completed Thursday the sale of a nickel plant, the largest private foreign investment in the impoverished province since the end of the war in 1999, officials said.

The British-based company Alferon/IMR, part of Eurasian Natural Resources group, which is among the world's largest private mining and metals groups, bought Kosovo's Feronikeli for euro30.5 million, or about US$ 37 million, a U.N. statement said.

The plant consists of three open pit mines with ferronickel ore reserves and a metallurgical complex, it said.

The Feronikeli plant in central Kosovo suffered structural damage during NATO bombing of Serb forces in the disputed province in 1999. It remains one of the major employers in the economically depressed province.

Its privatization is the most important sale so far of socially owned firms, a term used for enterprises run by their employees under the system of self-management that existed in communist-ruled Yugoslavia.

Alferon/IMR were declared winners of the bid for the plant last year, but the signing of the contract and the purchase were delayed following negotiations on electricity supply for the complex.

A handover ceremony will take place next month, the U.N. said.

Kosovo, which formally remains a part of Serbia, has been run by the United Nations since the end of the war in 1999. The province is the poorest region in the western Balkans.

Privatization is among the most sensitive issues in Kosovo, as it is still unclear whether the province will become independent or remain part of Serbia-Montenegro, the successor state of Yugoslavia.

Serbia's authorities, which want to maintain some control over Kosovo, have fiercely opposed the privatizations, while Kosovo's ethnic Albanian authorities are eager to sell assets, open investment opportunities and create jobs.


Dardania 2006 said...

In a normal and ideal world some of our neighbours would now comment:

"great! jobs will be created, economy will start growing and people will think less of politics and blaming their neighbours, and eventualy we will all be one strong Europe to counter China, Russia, India and USA"

Nope. Serbs do NOT believe in a Europe.

They believe in a US, United Serbia.

On related note, the sale is good, sooo good, heck things are starting to look up for the Kosovars...just wish all of them loved Kosovo as much as they claim they much as they "cradle" it.

Dardania 2006 said...


Not US, United Serbia...


GS, Great Serbia....yep that is how it was coined back in 1980s in Belgrade.

Anonymous said...

Are you sore, since those ignorant dreams are long gone? Its OK Europe does not want all you drunks and prostitutes any way, no place in the world you have so many drunks and cheep woman as in yours. On the other side thank you for not wanting to join the civilized world.