RiTE Ugljevik and China`s BNBM reached final agreement on plasterboard factory

Bosnian coal mining and energy company RiTE Ugljevik said it is about to complete talks with Chinese investor Beijing New Building Materials (BNBM) for the construction of a EUR 50 million (USD 59,5 million) plasterboard production plant.

The draft agreement has already been sent for approval to the government of Bosnia‘s Serb Republic, which is majority owner of RiTE Ugljevik, the company said in a notice earlier this month. RiTE Ugljevik would hold a 10% ownership stake in the future factory.

According to the plan, the factory will be built on an area of 12,5 hectares at an area adjacent to the company’s coal mine and power plant in Ugljevik and will employ about 100 people. The plasterboard plant will use gypsum derived as a by-product at RiTE Ugljevik’s recently built flue gas desulphurisation unit. The plant is expected to start operations in 2022.