Valhalla Resources joins Roman Copper consortium to take over Cupru Min
Canadian company Valhalla Resources has joined the consortium with Roman Copper trying to buy Cupru Min Abrud, and has commented that the consortium is having difficulties in negotiations with the Romanian government May 2012 - From the Print Edition
The company says it paid USD 750,000 upon entry into the consortium, to partially finance the bid guarantee submitted for Cupru Min.
Valhalla Resources, registered in Vancouver, is a mineral exploration company, which aims to discover and develop opportunities in the area of base and precious metals in Turkey and Romania. Locally, Valhalla is exploring Bratosin Hill (Hunedoara and Arad county) through Transylvania Minerals, a company controlled by Valhalla Cyprus.
Barrick Gold, the world’s largest mining company, which is focused exclusively on gold, is exploring the perimeter in partnership with Valhalla. Roman Copper, registered in Toronto, won the auction for Cupru Min in late March for EUR 200.8 million, over 3.5 times higher than the starting price of EUR 57.3 million. The tender guarantee was approximately EUR 1.1 million, equivalent to about USD 1.5 million.
Roman Copper was established in November last year by investment bank Bayfront Capital Partners in Toronto, as a special vehicle to bid for Cupru Min.
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