“They have no obligation to develop Cupru Min,” Vladan said Tuesday, adding “I am happy we got four times the asking price.”
Roman Copper won Monday the auction to buy mining firm Cupru Min Abrud for EUR200.77 million. The auction had a starting price of EUR57.3 million.
The company is a corporation founded in 2011 by Toronto-based Bayfront Capital Partners, which funds mining projects on all five continents.
Vladan added, however, that the Canadian firm will have to invest EUR92 million in surface works if it wants to mine copper.
Cupru Min holds the Rosia Poieni mine, which bundles some 60% of Romania’s copper reserves.
“Cupru Min was on its last leg,” Vladan said.