Environment Energy Mining Watch SEE|Investors|Serbia Contango lead zinc company “Rudnik and flotation”, the first private mine among five best privatizations

Serbia Contango lead zinc company “Rudnik and flotation”, the first private mine among five best privatizations

, Investors

The company “Rudnik and flotation” on the Rudnik Mountain is “digging” growing business success in safety of miners working 400 meters below the ground surface. It is the most important lead, zinc and silver mine in Serbia. Since September 23, 2004, when it was bought by the Belgrade company “Contango”, it became the first private non-ferrous metal mine in Serbia after World War II. For international and local competent authorities – USAID, Serbian Chamber of Commerce, Ministry of Energy, Regional Chamber of Commerce, this is one of the five best privatizations in Serbia.
Until its privatization, “Rudnik” was at the edge of the business abyss. After the privatization, wages are six times higher, excavation and processing of ore are doubled, and more than a hundred new workers have been employed, with constant investments in technology and operation.
– On the day of privatization, “Rudnik” had 295 employees and today there are 428 workers. During 2016, EUR 476,491 have been invested in fixed assets. Subcontractors for exploratory drilling have drilled 3,085 meters of boreholes and we have paid EUR 274,588 for this job. We have drilled 22,000 meters of boreholes on our own, 115 percent more than planned. We have found a new 137,000 tons of ore deposits. 104 percent of ore production and its processing were achieved this year – said Aco Ilic, General Manager of company “Rudnik”.
The average salary is EUR 396 and miners earn more per work productivity which amounts EUR 808. This year there have been four minor injuries at work, while before Rudnik privatization there were more than 30 injuries. Ore is exported to Bulgaria and copper concentrate to China. Among numerous awards for business success and concern about “camarades” in “Rudnik” the Charter “28 April” is highlighted and it was presented by the Ministry of Labour, Employment Veteran and Social Affairs in 2015. This is a national award in the field of safety and health at work. Regional Chamber of Commerce has recently awarded the company with a prize for outstanding results in business and improving the chamber system in 2016.

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