Montenegrin mining company plans 3 million euro investment in bauxite mine

Uniprom Metali, a Montenegro based mining group in Europe, has devised a plan of US$3.2 million (3 million euro) investment in Rudnici Boksita bauxite mining complex to scale up production in the first half of 2017.

The funding will be mobilized for upgrading the belt conveyors of the mine. Post upgrade, monthly bauxite production will increase to 45,000-50,000 tonnes per month, said Uniprom managing director Veselin Pejovic on Wednesday. The total production at Rudnici Boksita bauxite mine is expected to reach 200,000 tonnes, valued at US$55 million during the next six months of the current financial year.

The Montenegrin miner exports bauxite produced in Rudnici Boksita operations to China and Poland, said Pejovic.

In 2015, the owners of the mine had filed for bankruptcy proceedings after it posted a net loss of 5.9 million euro at the end of June 2012. In September, the same year, the miner accepted a 5.39 million euro purchase bid of Uniprom Metali for all its assets. Post-acquisition, Rudnici Boksita resumed production at the end of 2015.

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The Rudnici Boksita bauxite mining complex currently employs 150 workers (including 120 former employees). Uniprom expects the annual production from the mine will increase significantly which in turn will help it scale up exports to China and other European countries.