BUCHAREST, Romania & TORONTO--(BUSINESS WIRE)--Roman Copper Corp., is pleased to provide 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.