ArcelorMittal offers EUR 35mn for government stake in Bosnia's Ljubija mine.

By bne IntelliNews February 20, 2013
Global steel maker ArcelorMittal has offered EUR 35mn for the acquisition of Bosnias Serb Republics stake in Ljubija iron ore mine, news service Capital.ba informed. According to the report officials of the company met with representatives of the Republics government last week in order to discuss the deal. However, the parties did not reach an agreement as the Serb Republic government expects a higher offer of at least EUR 100mn, Capital.ba quoted the Republics PM Aleksandar Dzombic as saying. The entitys government owns a 70% stake of Ljubija mines. The total value of Ljubija mines is assessed at BAM 50mn (EUR 25.6mn). However the government considers this amount underevaluated. In December 2012, ArcelorMittal launched preliminary talks with Bosnias Serb Republic for acquiring the minority state-owned equity in its iron ore mine ArcelorMittal Prijedor. ArcelorMittal owns 51% of iron ore mining company ArcelorMittal Prijedor while the remainder is controlled by Ljubija iron ore mines. In Bosnia, the global steel maker also owns Zenica-based steel mill, ArcelorMittal Zenica.

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