2004/300/EC: Commission Decision of 27 May 2003 on the State aid implemented by Spain for Minas de Rio Tinto SA (Text with EEA relevance) (notified under document number C(2003) 1663)

• Articles: 5

Article 1

The State aid which Spain has implemented for Minas de Rio Tinto in the form of a loan amounting to EUR 6010121 is incompatible with the common market.

Article 2

The continuation of the guarantee granted by Spain in favour of Minas de Rio Tinto on loans worth EUR 9015181 granted by private banks constitutes State aid which is incompatible with the common market. Spain shall forthwith take any measures necessary to suspend the guarantee.

Article 3

1. Spain shall take all necessary measures to recover from the beneficiary the aid referred to in Article 1 and unlawfully made available to the beneficiary.

2. Recovery shall be effected without delay and in accordance with the procedures of national law, provided that they allow the immediate and effective execution of the decision. The aid to be recovered shall include interest from the date on which it was at the disposal of the beneficiary until the date of its recovery. Interest shall be calculated on the basis of the reference rate used for calculating the grant-equivalent of regional aid.

Article 4

Spain shall inform the Commission, within two months of notification of this Decision, of the measures taken to comply with it.

Article 5

This Decision is addressed to the Kingdom of Spain.

Done at Brussels, 27 May 2003.

For the Commission

Mario Monti

Member of the Commission

(1) OJ C 367, 21.12.2001, p. 19.

(2) OJ C 94, 1.4.2000, p. 8.

(3) OJ C 288, 9.10.1999, p. 2.

(4) See footnote 1.

(5) This sale was transacted at a symbolic price. Moreover, Atlantic Copper provided funds amounting to ESP 4450 million and assumed MRT's existing debts towards the State (social security and taxes) amounting to ESP 2210 million.

(6) Aid to MRT approved by Spain in 1997 and 1998 under regional investment aid schemes authorised by the Commission amounted to ESP 1243 million.

(7) The figures provided in the letter of 17 April 2001 differ from those included in the plan (595).

(8) The chapter on the facts subsequent to the closing of the financial year states "There is a political commitment by the Popular Party to activate the granting of the credit of ESP 1000 million by the ICO".

(9) The ICO is the State financial agency attached to the Ministry of Economic Affairs that serves to implement certain economic policy measures in accordance with the guidelines laid down by the Government, subject to the rules and decisions adopted by its General Board. The latter is composed of representatives of various ministries.

(10) Pinto Valley, Sierrita, Chino y Tohono, San Manuel and Robertson in the United States; Ojos del Salado in Chili; Highland Valley in Canada. (Source: MRT 1999 Annual Report).

(11) OJ L 83, 27.3.1999, p. 1.