LNM signs joint venture agreement with RZR Ljubija
According to the statement released by LNM Holdings, the company has recently completed the joint venture agreement with RZR Ljubija for participating in development of the Ljubija iron ore mines in Bosnia Herzegovina. Under the scope of the agreement signed, LNM Holdings, which will invest $40 million, will hold 51% stake in the iron ore mines. As previously reported by SteelOrbis, the mines, which were not operating since Yugoslav Civil War, have an annual capacity of around 1.5 million tons. LNM will re-start the mines and develop them to become stable source of iron ore.