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September 24, 2021

High hopes to reopen some mines through new law

Moldomin aims to kick off mining. Cupru Min might be listed on stock exchange.

Many underground resources in Romania are “blocked” in mines that were shut down. “We have closed 550 mines over the past years due to economic ineffectiveness and outdated technology, but the latter has advanced. There are many who aim to invest in this field. The new mines law will include the reopening of several mines. We believe that the new law must pass under emergency status because many resources of Romania are in closed mines, tailings and pond storages,” said Simona Gaman, vice-general director with the General Directorate for Mineral Resources within the Ministry of Economy during a conference. Gaman added that the new mines law will define several “strategic resources” without enumerating them, but that they are going to have a “certain” exploitation and capitalization status.
“We are trying to amend whatever changed over the past eleven years in Romania and in Europe, we believe this is a priority,” added Gaman. The new mines law also includes items ruling that the mining exploitations will have to take into account the interests of the local communities. “Part of the items in the new law is obsolete due to the amendments in the European legislation, the mines law will be adopted towards the end of this year. That is why it is urgent to adopt this law. Nobody wants to create this law in secret. In the first stage, the law was made by a commission including all ministers. … It is a shame that the mines law is associated with Rosia Montana,” said Gaman.
In this respect, Swiss company Mineco AG, which took over the copper producer Moldomin Moldova Noua in 2011, aims to resume exploitation activity. Moldomin from Caras-Severin holds 30 per cent of the copper reserves of Romania. The rest of the copper is controlled by Cupru Min. The transaction by which Mineco took over Moldomin was attacked by the National Tax Administration Agency.
The leaders of the Ministry of Economy propose that Cupru Min Abrud should be listed on the stock exchange, believing that the copper producer might be attractive for the investors. Sorin Gaman added that the copper producer does not have any debts to the state and can be attractive for investors. Cupru Min holds about 60 per cent of the copper reserves of Romania.
President Traian Basescu promulgated the Law passing the ordinance ruling that the Energy Complex Hunedoara takes over the tax obligations in amount of RON 70 million of the National Black Coal Company.
Mining and oil royalties in amount of RON 1.4 billion in 2013
The Romanian state gained last year mining and oil royalties in amount of RON 1.408 billion, most of the money being paid by the two major gas producers in the country, Romgaz and Petrom, according to the data sent by the National Agency of Mineral Resources (ANRM) at the request of Focus-Energetic.ro. “In 2013, in accordance with the mines law 85/2003, royalties in amount of RON 182.3 million were paid, and in accordance with the oil law 238/2004 an amount of RON 1.226 billion were paid, 796 million of which were paid by OMV Petrom, and RON 239 million by Romgaz. The total value of royalties paid in 2012 was RON 1.413 billion from which RON 1.197 billion were paid in accordance with the oil law and RON 216.01 million in accordance with the mines law,” report the agency data. According to the production forecast, the ANRM officials expect higher figures of royalties paid in accordance with the oil law. By the end of this year, the calculation manner for royalties paid by the companies operating in the oil and gas fields will change.

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