According to Ponta, the Government should either carry out environment investments in partnership with a private company or transfer shares in Cupru Min to local authorities in Alba county, which may attract some EUR100 million in EU funds for environment protection.
The prime minister added that a decision to this end will be taken this year.
Ponta said recently the Government would not sell Cupru Min using the strategy of the former administration, at a low price and discarding strategic interests, but based on a public-private partnership program that would be completed in four months.
Canadian-based Roman Copper Corp. announced it filed legal action against Romania’s industry privatization office OPSPI, after the latter unilaterally ceased discussions for the privatization of copper producer Cupru Min Abrud.
“Roman Copper Corp. is acting to protect its rights. We have acted in good faith, we have respected the tender conditions, we have followed the rules set out by OPSPI, and we won the tender,” said Joel Hayes, President of Roman Copper Corp.
Roman Copper, owned by Toronto-headquartered investment bank Bayfront Capital Partners, won an outcry auction to buy 100% in Cupru Min Abrud for EUR200.77 million, outbidding Australian Oz Minerals and Dutch-based Dundee Holding BV.
The purchase contract was due for signing on April 6, but the Romanian authorities said the deal was cancelled because the two parties could not reach a satisfying agreement on the terms of the deal.
Romanian Economy Ministry announced the tender would be rescheduled, but it has not set a date yet.
Cupru Min is Romania’s largest copper producer. The company’s main asset is the Rosia Poieni mining perimeter, which is estimated to hold 60% of the country’s copper reserves.