“OPSPI considers that all Roman Copper’s claims are groundless, but we will most likely analyze them to see if the Romanian state may be in any way incriminated for not signing the Cupru Min privatization contract,” Vulpescu told a news conference.
Roman Copper Corp. announced in May it filed legal action against OPSPI, after the latter unilaterally ceased discussions for the privatization of Cupru Min Abrud. The Canadian company said it has engaged legal representation consisting of leading local and international law firms.
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 authorities pledged in negotiations with the International Monetary Fund to reschedule the tender.
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.