Moscow: Purchase and sale agreement for Bauxite Mines finalized

Representatives of the Montenegrin Government and negotiating team of the Russian company Rusal, today in Moscow, finalized the purchased and sale agreement for the Bauxite Mines of Niksic, which is to be signed on October 14.

Todays meeting defined 11 annexes to the agreement, referring to social and investment programs and performance and corporate guarantees.

Rusals representatives expressed readiness to invest 4 million in the Bauxite Mines and retain 1,250 workers for three years after the signing of the purchase and sale agreement.

The negotiating teams have agreed for Rusal to extract 650,000 tons of ore a year in the following two decades.

Rusal announced it would pay a concession fee of 6 million two thirds upon signing the agreement and the rest over the following 20 year.

The Montenegrin delegation comprised Tender Commission Chairman Branimir Gvozdenovic, Director of the Agency for Economic Restructuring and Foreign Investment Branko Vujovic, the Mines Director Veselin Grbovic and Assistant Economy Minister for Mining and Geology Radonja Minic.