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Kosovo: Trepça may remain without a license

Prishtina, June 02, 2006 - The Chairman of the Board of Independent Commission for Mines and Minerals (ICMM), Naip Zeka, said to Kosovar daily Lajm that Stan Trg mine risks to not obtaining a regular production license this year if it fails to meet the license criteria in two months.

According to Zeka, Stan Trg has submitted the feasibility study a few days ago, while the Novobrdo’s study will be ready by the end of the month.

“The Stan Trg mine has sold ore, but has never submitted a financial report nor paid a tax for it,” said Zeka. “In normal circumstances we should have taken measures, but we have allowed them to meet the obligations until June. If they do not pay, we will find other methods.”

According to Zeka, the Government has allocated money only to maintain the social situation, but not for the profitability of Trepca. “The Government does not have as much money as Trepca requires,” says Zeka.

“€160 million should be invested in order to achieve a satisfactory economic development. The budget can never provide such an amount of money.” Zeka also says that the work in Trepca has been improvised only to retain some workers, most of them are old.

“KTA has left Trepca mine aside,” he said. “It has thrown this “hot potato” from its hands because of creditors’ claims.”

Zeka is optimistic that the mines will enter a dynamic phase if the administrator begins to divide the detrimental assets from the profitable ones, otherwise Trepca will remain a dinosaur of the past.

According to him, by not being able to solve Trepca’s problem, the Government, UNMIK Pillar IV, and KTA decided to leave them to an international administrator. “He will define the real debts of Trepca and also who will pay them,” said Zeka.

Zvecani, the most problematic part – Many debts
The KTA has drafted a strategy for Trepca, which will be the basis for restructuring, or liquidation.
As for the Accumulators Factory, the sellable assets must be divided to sellable assets, such as storages and offices, which can be sold through regular spin-off. The central business is sold by special spin-off. The terminal remains the last one to be sold.

Aluminum-sulphate facility can be sold immediately. The zinc metallurgy may be privatized. If the ore is provided, the facility for zinc dust production and zinc oxide is privatized the first.

Lead metallurgy in Zvecan is the most problematic part of Trepca. The pollution level is very high and it is difficult to find any buyer. Strategies are provided for all parts of the Trepca complex and the manners of privatization.

On the other hand, Trepca has gathered many debts after 1990. The KTA has received 91 claims from the creditors, 49 of which are claiming €75 million. Claimers: “Mytilineos Holdings”, Athens– €44, 19 million, “Aparatna Tehnika” – Belgrade – €9,73 million; “Trend Company”, Jagodina – €9.04 million; SCMM, France – €2.69 million; Latifovic DOO Krushevc - €2.03 million; Accumulators Factory, Sombor - €939,090; Beobanka, Belgrade €877,691; Vradnik - €716,460; Kabllovi, Jagodina - €699,600; Terra’90, Bulgaria - €650,000; Shinto - €600,000.

The administrator’s duty shall be to validate or refuse the claims. It is possible that the majority of debts are attributed to individual enterprises, though it is sure that in many contracts the whole complex is involved.


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