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Roman Copper accepts all conditions, meaning Cupru Min privatization can be done

10 Aprilie 2012   |   Bogdan Alexandru

Roman Copper Provides Update on its Acquisition of Romania’s Cupru Min

 
 
The representatives of the Canadian company Roman Copper claim that they accepted all the conditions put by the Romanian government for Cupru Min privatization, even those not included in the privatization specs, and are hopeful that the privatization can be done, reads a Roman Copper release.

'The two parties agreed in the evening of April 6 upon the privatization conditions and those included contractual and financial obligations which were not included in the specifications to participate in the privatization process. As Romanian Minister of Economy Lucian Bode presumably said that Roman Copper did not accept some new conditions put by the Romanian government, the Canadian company declares itself available to meet all conditions and investments required since the beginning of the process, so as the transaction should be signed,' reads the release of the Canadian company.


Roman Copper say that they are going to provide details on the plans they have for Cupru Min in the upcoming days, trusting that these plans will prove its commitment regarding the purchase of the mining company and their resolution to meet the highest international standards set by the International Monetary Fund and agreed upon by the Romanian government.

The tender offer for the sale of Cupru Min shares was cancelled as the Romanian authorities did not give up the clauses included in the privatization contract with Roman Copper Corp. of Canada, Minister of Economy Lucian Bode said at the end of negotiations.

'The state did not want to delete three clauses, the publication of the contract, the opening of a collateral deposit of 32.27 million euros as guarantees for the environment investments and the payment of the entire sum 30 days after the approval and the integrated environment authorization are issued, which are clauses that can suspend the contract,' Lucian Bode said.

Thus, the tender will be resumed, with the next privatization contract to be negotiated according to the sale clauses, he added.

'We are going to resume the tender, but we are going to have the same requirements. All the privatization contracts will be made public. This tender is not a failure as long as the state's interest was protected,' Bode said.

On March 26, Roman Copper Corp. Canada won the tender held to sell the stock the state owned at Cupru Min Abrud company (central-western Romania), in exchange for 200.772 million euros, the starting price being 57.363 million euros, reads a release sent on Monday by the Ministry of Economy, Trade and Business Milieu (MECMA).

Three companies submitted bids, namely OZ Minerals Limited Australia, the Dutch at Dundee Holding BV and Roman Copper Corp. of Canada. Roman Copper Corp. Canada is to negotiate the clauses of the share purchase agreement.

The strategy aimed to privatize the company Cupru Min Abrud was approved through a Government Resolution and Romania's commitment to perform this strategy is stipulated in the Letter of Intent within the precautionary stand-by agreement between Romania and the International Monetary Fund (IMF).

According to MECMA, the goal of this privatization is to continue the extraction of copper from the ore located in Rosia Poieni region, to draw funds for technological and environment investments and implicitly keep and create new jobs, as well as to ensure the horizontal development of the region-based industrial activities.

Roman Copper Provides Update on its Acquisition of Romania’s Cupru Min

Roman Copper Corp. provides the following information on the acquisition of Cupru Min S.A (Abrud) under Romania’s privatization program:

1. As previously disclosed, Roman Copper’s team and the Romanian government’s negotiators agreed on the terms and conditions of the acquisition contract in the late evening of Friday, April 6 2012. These terms included an undertaking by Roman Copper to accept additional financial and other obligations that were not required in the original tender documentation.

2. Mr. Lucian Bode, Romania’s Minister of Economy, reportedly suggested the same evening that Roman Copper was unwilling to accept the government’s new conditions. These reports appear to have created some confusion in the media and elsewhere.

3. Roman Copper unequivocally confirms its readiness to implement all the actions and investments requested by the government since the open auction for Cupru Min on March 26, 2012. The auction is widely acknowledged to have been the most transparent in the history of the privatization program.

We have committed a considerable amount of effort and expense to ensure that Roman Copper’s stewardship of Cupru Min and the world-class Rosia Poieni mine will provide the maximum possible benefits to Romania’s copper mining industry, local communities and the national economy. We are fully aware of the importance of this transaction to all concerned, including the future well-being of Romania’s mining sector and the credibility of the Romanian government’s privatization process.

4. We will provide further details in coming days of our plans for Cupru Min. We are confident that these plans will demonstrate our commitment to the acquisition and our determination to comply with the highest international standards set by the International Monetary Fund and the European Union, and agreed to by the Romanian government.

5. We look forward to continuing our relationship with the Romanian authorities in a spirit of good faith and co-operation so that this transaction can be completed as envisaged under the competitive and transparent privatization process.

6. We remain grateful for the professionalism and integrity of the Romanian and Canadian negotiating teams, including Mararu and Mararu, our Romanian counsel. We will continue to provide updates on developments as they transpire.

 
 

PNSA

 
 

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