The Privatization Agency in Belgrade has cancelled a 400 million euro deal with Cuprom Romania over the sale of Serbian copper giant RTB Bor as the Romanian buyer failed to submit the necessary financial guarantees within the already extended deadline, writes.

The announcement comes a week after Cuprom Romania suggested it might withdraw from the privatization accord due to “substantially changed circumstances” and the opposition of unions.

Cuprom Romania had won a bid for RTB Bor in March this year by filing the best offer and promising to invest millions in solving the production and environmental problems of the plant.