Thursday, September 22, 2011

Romania plans to sell copper mine

BUCHAREST, Sept 21 (Reuters) - Romania plans to make an announcement on the sale of state owned copper mine Cupru Min Abrud later this month via a tender, Victor Cazana, head of the industry privatisation office told Reuters.

"We are at a stage where we are about to announce it, by the end of this month. We aim to sell the state's whole stake (of 100 percent) in Cupru Min at a tender," Cazana said.

Deputy economy minister Claudiu Stafie has said he hoped the privatisation would be wrapped up by the end of this year and that the ministry has already received 10 letters of intent from investors willing to participate.

Finance ministry data showed the company, which has estimated reserves of 900,000 tonnes of copper, recorded a profit of 18.8 million lei last year. It has overall debts of about 72 million lei.

A government strategy paper showed earlier this year that Bucharest aimed originally to sell a stake in Cupru Min on the Bucharest stock exchange. (Reporting by Radu Marinas)

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