Romania plans bid to sell copper mine Cupru Min Abrud

Romania plans to announce the sale of state owned copper mine Cupru Min Abrud later this month through a bid, according to Victor Cazana, head of the industry privatisation office, quoted by Reuters.

"We are at a stage where we are about to announce it, by the end of this month. We aim to sell the state's whole stake (of 100 percent) in Cupru Min at a tender," Cazana said. The ministry has already received 10 letters of intent from investors willing to participate, according to the newswire. Cupru Min Abrud has estimated reserves of 900,000 tonnes of copper. A foreign investor has recently bough another copper mine in Romania. Mineco AG company in Switzerland has 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, although the minimum level of investments is of EUR 50 million. If the mines will operate at the estimated capacity, 400 jobs will be created, according to RTZ & Partners. The Moldomin mines with the copper reserves of about EUR 1 billion were sold with their exploitation licences that are valid for the next 11-12 years. Moldomin started bankruptcy proceedings after the company which used to own it, Cuprom Baia Mare, went bankrupt. editor@romania-insider.com (photo source: Photoxpress.com)