Two copper mining companies, Cuprumin Abrud and Moldomin MoldovaNouă, are put up for sale. The price of a tonne of copper hasboomed over the last two years from 2,700 dollars to 10,000dollars. The value of Romania's copper reserves is estimated at5-10 billion euros at the current prices.
The price of copper has recently reached a staggering 10,000dollars/tonne (6,500 euros per tonne) following strong demand fromChina, which compares with 2,000 dollars/tonne between 1980 and2004.
Cuprumin Abrud has recently been put up for privatisation by thestate through public tender after last year the company saw itsturnover up five times, to 27 million euros and made an around 4million-euro profit against 4 million-euro losses in the previousyear. Cuprumin sold 5,000 tonnes of copper last year.
Moldomin, another copper mining facility is currently underbankruptcy proceedings after the company that used own it, CupromBaia Mare, went bankrupt.
Moldomin was put up for sale by the company's court-appointedadministrator, RTZ & Partners. Three interested parties havealready bought the tender documents, with direct negotiations tostart on May 26th of 2011.
Letters of intent have been submitted for Cuprumin, which isheld by the state via the Economy Ministry, by investors inSwitzerland, Austria, Canada, Australia and Russia, with theletters to also be opened in May 2011.
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