Early May this year, Economy Minister Varujan Vosganian said the ministry had received six offers for the privatization of Cupru Min from large companies in Russia, Europe and North America, active in the copper industry.
In the spring of 2012, 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 early April 2012 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.