Canadian Roman Copper Corp buys Romania's Cupru Min Abrud copper mine in EUR 200 mln deal

Canadian company Roman Copper Corp has won the bid for copper mine Cupru Min Abrud in Romania, in a deal worth some EUR 200 million, the Country's Economy Ministry announced. Three other companies signed up for the bid: Australian OZ Minerals, Bulgarian Ellatzite-Med AD and Dundee Holding from the Netherlands. The Bulgarian firm was disqualified just before the start of the bid. The starting price in the bid on Monday morning (March 26 ) was EUR 57.3 million.

Cupru Min Abrud has estimated reserves of 900,000 tonnes of copper at Rosia Poieni. However, only a small amount of of it can be extracted every year. The investor needs to pay a royalty on copper extracted, of 4 to 6 percent, to the Romanian state. Romanian media initially linked Roman Copper to Stephen G. Roman, which also owns Harte Gold. Law firm Mararu & Mararu, which represents Roman Copper Corp said however the firm has no connection to Stephen Roman. A foreign investor has recently bought another copper mine in Romania. Mineco AG company in Switzerland won the direct negotiations sales procedures for the mines of Romanian company SC Moldomin SA Moldova Noua, according to RTZ and Partners, the receiver of Moldomin. The Mineco Group, which already owns three mines in Serbia and in Bosnia, will invest EUR 150 million in the Romanian copper mines, well above the minimum level of EUR 50 million investment. editor@romania-insider.com