Romania also has other options concerning the company, including a partnership with investors or raw material traders, the minister said in an interview.
According to a memorandum approved by the Government Wednesday, CupruMin needs financing for new technologies, environment expenses and works to expand the exploitation area.
Vosganian said Wednesday the Government is not considering selling a stake in CupruMin at the moment. The Economy Ministry will look for investors, to contribute a minimum of EUR40-50 million, and will partner them to finance the company’s activity.
Last spring, 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.