Romania to Sell Copper Mine

Four companies will compete on March 26 in an auction aiming to aquire the majority stake in Romania's biggest copper mine, Cupru Min Abrud.

Australia's OZ Minerals Ltd , Dutch Dundee Holding, Canadian Roman Cooper Corp. and Bulgarian Ellatzite Med Ad are ready to pay at least Lei 263.3 million (60.3 million euro) to buy the state-owned mine, which has estimated reserves of 900,000 tonnes of copper, according to the Romanian Economy Ministry.

Cupru Min reserves represents around 60 per cent of the European Union state's estimated copper reserves.

In September, Mineco AG company of Switzerland bought another Romanian copper mine, Moldomin Moldova Noua. The Mineco Group, which already owns three mines in Serbia and in Bosnia, is to invest 150 million euro in the Moldomin mine and to create 400 new jobs.