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May 17, 2022

Sale of Cupru Min copper concentrate fails in absence of offers

The sale of the copper concentrate of Cupru Min Company failed, with both interested companies Trafigura of Singapore and Yildirim of Turkey placing no bids, and the Ministry of Economy is going to change the procedure to attract a strategic partner for the Abrud-based company, reads a release of the Ministry of Economy. The two companies asked the Ministry of Economy to alter some conditions in the tender specifications about the minimum price of the copper concentrate or about extra guarantees on Cupru Min assets. “The negotiation commission could not accept these proposals since some essential principles of a non-discriminatory competitive procedure would have been breached, a fact that was reported to the bidders. Taking into account the notifications about this procedure, the underlying memorandum principles will be reassessed over the upcoming period, as well as the specifications, to set a new strategy to attract a trade partner for the investments at Cupru Min,” reads the release.

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