“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.
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 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.