Cupru Min’s IPO planned for 2015, postponed. A national company of copper appeared as solution

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Cupru Min Abrud will not be listed next year on stock exchange anymore, but it will be included in a national company of copper, along with Minvest Deva and Moldomin said on Monday Economy Minister Constantin Nita in a press conference.

“The future national copper company will have to develop the steel work too, in addition to mining. It should not just sell raw materials, but also processing”, Nita added in a statement, after he will not find a place in the new government.

The sale of copper concentrate at Cupru Min failed last year in lack of any biding bids from the two companies which have showed their interest in the negotiation phase.

This May, Romanian authorities analyzed listing Cupru Min on the stock in 2015 as an ambitious solution. The government wanted to sell 15 percent of Cupru Min shares and secure the financing needed for investments in technology.

“I am a believer in transparent transactions on the exchange, that’s how we did it last year for energy and we had success so I am hoping we will be successful in this sector also”, Constantin Nita said at that time.

The main object of activity of Cupru Min is the extraction and processing of copper ores from Rosia Poieni deposit, with the exploitation of the copper concentrate. This activity is conducted in two large subunits, Rosia Poieni Quarry and Dealul Piciorului Processing Plant, granted for Rosia Poieni exploitation perimeter.

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