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Roman Copper appoints president in Romania to coordinate Cupru Min privatization
The Canadian company Roman Copper appointed Joel Hayes as president for Romania to coordinate the acquisition of Cupru Min company, according to a company release sent to Agerpres on Tuesday night.
Hayes has been living in Romania since 1995 and working as investment manager of Romanian-American Investment Fund and has successfully concluded four privatizations.
Michael Williams, co-founder of the McLeod Williams Corp, a mining company in Vancouver, was also appointed chairman of the board at Roman Copper and Stacy Quinney as vice-chairman.
Roman Copper management requested a meeting with officials of the government, PM Ungureanu and Minister of the Economy Lucian Bode included, to clarify circumstances and mix-ups occurring during the negotiations for the acquisition of Cupru Min on Friday, April 6.
The representatives of the Canadian company Roman Copper said on Tuesday in a press release that they accepted all the conditions requested by the Romanian state to privatize Cupru Min, even those not included in the privatizations specs, and voiced their confidence that the privatization could be concluded.
After the negotiations on Friday, Minister of Economy Lucian Bode used to say that the tender held to sell the Cupru Min shares was cancelled as the Romanian authorities did not give up the clauses in the privatization contract with Vf Canada.
'The state did not want to exclude three clauses, the publication of the contract, opening of a collateral deposit of 32.7 million euros as guarantees for environment investments and the payment of the entire amount 30 days after the approval and the integrated environment authorization which are clauses that can suspend the contract,' Lucian Bode said.
The strategy to privatize Cupru Min company in Abrud was approved by a government resolution and the privatization was part in the pledge made in the Letter of Intent included in the precautionary stand-by agreement between Romania and the International Monetary Fund, whose deadline was late April 2012.