The ministry intended to sell the entire stake in Cupru Min through an auction this year, at a starting price of 263.28 million lei (EUR60.6 million). However, the bidding deadline was later extended until January 18, 2012.
According to Stafie, secretary of state within the ministry, the deadline was extended at the request of a company interested in prospecting Cupru Min’s copper reserves.
Cupru Min has a share capital of RON24.18 million and it is entirely owned by the Economy Ministry. The Rosia Poieni mine includes 60% of Romania’s copper reserves.
In the beginning of this year, authorities wanted to sell Cupru Min on the bourse.
Cupru Min’s privatization was requested by the International Monetary Fund.
According to company data, Cupru Min posted a net profit of RON18.8 million in 2010, compared to a loss of RON17.9 million in 2009. At the end of last year, the company had debts cumulating RON71.5 million. (EUR1=RON4.3409)