Replying to a MEDIAFAX inquiry, the ministry said auction literature shows Bayfront Capital Partners will call on investors from Canada, Europe and the US to fund the purchase. The ministry did not, however, name any of the investors involved.
Roman Copper won Monday the auction to take over Cupru Min Abrud, for EUR200.77 million. Cupru Min holds the Rosia Poieni copper mine, which bundles 60% of Romania’s copper reserves.
At the end of 2010, Cupru Min had debts worth a total 71.5 million lei (EUR16.34 million).
Privatization authority head Florin Vladan recently said Roman Copper has no investment obligation towards Cupru Min.
Vladan added, however, that the Canadian firm will have to invest some EUR92 million in surface works if it wants to mine copper.
Roman Copper was founded specially to buy Cupru Min and it is entirely owned by Bayfront Capital Partners, an investment banking boutique. (EUR1=RON4.3737)