* Mine boasts 60 pct of Romania's copper resources
* Romania plans to hold autcion on Jan. 18, 2012
* Ten letters of intent submitted so far
BUCHAREST, Oct 29 Romania launched the sale of
its biggest copper mine Cupru Min SA Abrud via a tender, the
government's industry privatisation office (OPSPI) said on its
OPSPI, which set a Jan. 17 deadline to submit bids, said it
aimed to sell 100 percent in the mine which sits on about 60
percent of the European Union member's copper reserves, some
It said the auction will be held on Jan. 18.
Deputy economy minister Claudiu Stafie had said last month
he hoped the privatisation would be wrapped up by the end of
this year and that the ministry has received 10 letters of
intent from investors willing to participate. [ID:nL5E7KL5FF}
Finance ministry data showed the company recorded a profit of
18.8 million lei ($6.2 million) last year. It has overall debts
of around 72 million lei.
A government strategy paper showed earlier this year that
Bucharest aimed originally to sell a stake in Cupru Min on the
Bucharest stock exchange.
Romania's flat corporate profit tax at 16 percent, its
skilled labour force and the presence of western explorers
already active, are likely to encourage mining investment.
In addition, the government has recently unveiled plans to
ease expropriation proceedings to make way for drilling sites.
($1 = 3.047 Romanian Lei)
(Reporting by Radu Marinas; editing by Ron Askew)