"We are excited to participate in one of Romania's most prestigious mining projects, and will bring top level expertise and resources to realize Cupru Min's full potential."
TORONTO AND BUCHAREST, March 30, 2012 /CNW/ - BayFront Capital Partners and its wholly-owned subsidiary Roman Copper Corp. today released further details of their plan for Cupru Min and its world-class Rosia Poieni copper mine, acquired as part of the Romanian government's privatization program.
"We are delighted with our acquisition of Cupru Min through an open, transparent auction process," Mike Curtis, a BayFront partner said. "We are excited to participate in one of Romania's most prestigious mining projects, and will bring top level expertise and resources to realize Cupru Min's full potential."
Mr. Curtis added: "We have great respect for Romania's culture and traditions. We look forward to working closely with local communities, county authorities and the Romanian government as well as with employees and other stakeholders to build on Cupru Min's rich history and exciting potential."
As we work towards a definitive agreement with the Romanian government, our priority is to finalize the appointment of a top-quality management and operational team to realize the mine's potential. This team will collaborate with nearby communities, including Lupsa and Abrud, as well as with Alba county, and engage fully in the region's social and cultural life.
We intend to raise the mine's production significantly. This will result in many more job opportunities and improved work conditions at the mine. Local communities will also benefit from enhanced infrastructure and other economic and social benefits.
We are committed to international best practices in all facets of the mine's operation. In particular, the mine's action plan will be revised to address environmental issues, and we will invest to repair past damage. "We didn't create the environmental problems at Rosia Poieni, but we're going to fix them", Mr. Curtis said.
In line with normal practice in the international mining industry, we are engaging with a broad range of investors from around the world to finance the mine's rejuvenation and expansion. We are working with a highly-regarded syndicate of investment banks to attract such investors, and are confident that our future partners will reflect the world-class quality of the project and thus enhance Romania's attractiveness to other foreign investors.
About BayFront Capital Partners:
Based in Toronto, Canada, BayFront is an investment bank focused on raising capital for companies in the metals and mining, energy, agriculture, technology and biotechnology sectors. Our partners have extensive experience in the mining industry, having completed transactions around the world worth many billions of dollars.
About Roman Copper Corp:
BayFront formed Roman Copper Corp. in late 2011 as the vehicle to bid for Cupru Min. The name was chosen to underline the connection with Romania, and the country's Latin roots. Roman Copper Corp. and BayFront have no connection with either Mr. Stephen Roman or Mr. Frank Timis.
"We look forward to sharing more information on our plans with local communities, the media and other stakeholders as we move forward in the weeks and months ahead," Mr. Curtis said.
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