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Mytilineos wins €30 mln compensation for Kosovo mines loss

Mytilineos Holdings SA, a Greek metals company, said it won €30 million ($39.5 million) in compensation for a failed investment in the breakaway Serb province of Kosovo.

The compensation was awarded by Greece's government-run Export Credit Insurance Organization, Athens-based Mytilineos Holdings SA said today in an e-mailed statement, citing a final decision by Greece's highest civil court. A total of €22 million of the money was paid on March 9, following an initial payment of €3.7 million in 2004, according to the statement. The company expects an installment of about €4 million in the near future.

Mytilineos signed a five-year agreement with the government of Serbia in 1997 to buy as much as $517 million of various metals from the country's Trepca mining complex, advancing them cash and raw materials. The company had mortgaged Trepca assets as part of the deal. The Yugoslav government lost control of many of the mines after Serb forces withdrew from Kosovo in June 1999, following NATO's bombing campaign to protect the province's Albanian population. (Bloomberg)