Swiss Mineco buys Romanian Moldomin copper mines, plans EUR 150 mln investments

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. The price paid by the Swiss buyer was not disclosed.

Razvan Zavaleanu, Managing Partner al RTZ & Partners, believes that the buyer has the financial capability to save the mining in Moldova Noua. Moldomin started bankruptcy proceedings after the company which used to own it, Cuprom Baia Mare, went bankrupt. Mineco AG engages in the mining of non ferrous metals. The company was founded in 2005 and is based in Zug, Switzerland. Irina Popescu, irina.popescu@romania-insider.com (photo source: Photoxpress)