Three bidders line up for Romanian copper reserves

By bne IntelliNews September 3, 2013

Yildirim Holding Inc. (Turkey), Trafigura (The Netherlands) and Glencore (Swizerland) have submitted the necessary documents to participate in the auction organised by Romania’s government at copper mining company Cupru Min Abrud, Agerpres announced.

The government wants to sell in advance the 331,889 tonnes of copper concentrate* to be delivered by the copper mining company over the next seven years. The starting price for the whole amount of copper is USD 6,900 per tonne of copper in the copper concentrate.

The government wants a EUR 40mn payment in advance, payable in one instalment by December 1 2013. The company would deliver 45,360 tonnes of copper concentrate for this down payment – to be adjustable according to the price from the auction of the whole amount to be delivered in the seven-year period.

Based on the expectations for the first deliveries made against the down payment, we calculated that the government expects some USD 2909mn for the whole amount of copper concentrate.

* Copper concentrate is the first commercial product of the copper production line and is composed of approximately equal parts of copper, iron and sulfide. Concentrates are the raw material for all copper smelters, which by processing it obtain an impure form of metallic copper, anode or blister copper, which is later used to produce high purity refined copper.

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