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Romania puts 60% of Europeís copper reserves up for grabs

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Reuters reports Romania has launched the sale of its biggest copper mine Cupru Min SA Abrud via a tender, the government’s industry privatisation office said on its website. The deadline for bids is Jan. 17 2012. Romania wants to sell 100% of the mine which sits on about 60% of the European Union member’s copper reserves equal to roughly 900,000 tonnes.

Cupru Min is based in Abrud, Alba County, Romania and operates the Roşia Poieni copper mine. The company says deposits amount to more than 1 billion tons with an average of 0.36% Cu and 1.8% S. Copper production began in 1983 and the designed capacity of the mine is 9 million tons of ore extracted and processed per year with expansion to 15 million tons per year.

 
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