OREANDA-NEWS. On 30 April 2008 SMR (Strikeforce Mining and Resources Limited), which is part of “Basic Element”, one of the largest diversified investment companies, announced its decision not to participate in further negotiations with the Serbian Privatization Agency regarding the acquisition of RTB BOR assets. 
 
 In October 2007 SMR filed an application to participate in the second tender to purchase RTB BOR assets. According to the results of the tender announced in November 2007, the tender was awarded to the Austrian Industrial Group, A-TEC, and SMR was recognized as the second ranked bidder.
 
After the agreement with A-Tec on the purchase of RTB BOR assets was declared void in April 2008, the Serbian Privatization Agency made an offer to SMR to restart negotiations, on the condition that SMR improved its initial offer.
 
 Dr Geoffrey Peter Cowley, SMR CEO said: ”We were prepared to negotiate with the Privatization Agency within the terms originally proposed in our bid. However, the Privatization Agency has made such negotiations conditional upon submitting a further financial guarantee on substantially different terms both in format and content ". 
 
“We were very much interested in purchasing such a major industrial complex as RTB BOR and were open to a constructive dialogue. We insisted that in their assessments of the bids, the Serbian government should rely not only on the purchase price but also on the proposed investments which in our case were more than twice the minimum level required by the conditions of the tender and totaled over USD 400m. We were seeking to respect the interests of all interested parties and, primarily, of the local community”, - added Dr. Cowley.
 
 SMR made its original Bid and has always been willing to negotiate on the basis of the terms of such Bid. The conditions set by the Serbian authorities to the continuation of negotiations substantially alter such terms and therefore SMR has decided not to further participate in the tender.