Romania Asks 91 Mln Lei (24.3 Mln Euro) for 100% of Cupru Min Mine

The starting price was set at 37.63 lei per share. Bidding in the tender will begin at 1000 GMT on January 15 and investors should submit their participation documents by 1000 GMT the previous day, the Romanian government's asset-selling agency, AVAS, said in a statement.

EU member Romania has suspended an open bid tender for 100% of Cupru Min, which was due in August, as some sale conditions did not comply with the EU requirements for state aid.

Cupru Min is performing only secondary operations including limestone and andesite extraction, transport of goods and people. A local consortium of Energo Mineral, Cuprom and Ipronef performs Cupru Min’s main activity - cooper extraction and processing at the Rosia Poieni deposit - under a 10-year cooperation contract signed with the mine’s management a year ago. The contract can be extended by up to five year periods but no more than a total of 20 years.

(1 euro = 3.7505 Romanian lei)