Romanian geological services company Prospectiuni, controlled by Romanian businessman Ovidiu Tender, will borrow EUR 14 million for investing in the equipment needed for experimental exploration in the Hunedoara area. No details about exactly what Prospectiuni will be looking for have been released, but coal and basalt deposits are known to exist in the area.

The contracts were approved earlier this week in the Company’s Annual General Meeting and the decisions were sent to Bucharest Stock Exchange (BVB). Almost EUR 10 million of the amount will be used for work capital and investments, while a EUR 4.2 million loan will be used for acquisition of exploration and experimental equipment.

The extension of credit facilities worth EUR 5 million from BCR was also approved, together with a letter of guarantee in favor of BCR.

Prospectiuni is currently searching for gold, copper and phosphates in seven lots in Africa, according to Gehrig Schultz, the GM of the company.

Prospectiuni is controlled by businessman Ovidiu Tender who owns 55.7 percent of the shares through Tender SA Timisoara, while SIF Muntenia has 11.8 percent.

Ioana Toader, ioana.toader@romania-insider.com