Turkish company to mine in Romania
Turkish companies have attracted attention with their gold investments in Africa, coal in Latin America, and chrome in Central Asia. Now, they are rapidly growing in mining investments in Europe as well. Turkish companies that stand out with their mining investments in the former Yugoslav countries are now turning to the Romanian market and continue to grow in Europe.
As Kerim Ulker of daily DUNYA reports, Turkish engineering and energy company, Sintek, is about to sign an important agreement in this area. The company, which sat at the table with Cupru Min and Moldomin, will start work to bring a significant amount of copper mining in the country into the economy if the agreement is reached.
Both owned by the Romanian government, the two companies manage 90 percent of the country’s copper reserves. The reserves of Cupru Min alone are around 60 percent. At the end of 2017, the Romanian Government initiated an effort to produce added value products with the country’s raw materials. Cupru Min, which had a near monopoly in this area, was authorized to establish a metallurgical plant.
The Romanian Ministry of Economy has made statements confirming the negotiations with the Turkish company but noted that an agreement has not yet been reached. If the two parties come to terms, the first investment of Cupru Min since 1989 will be realized thanks to the agreement made with Sintek. Moldomin, whose activity is currently limited, had officially decided to stop working in 2010.
Cupru Min is best known as the owner of the Roşia Poieni copper mine, the largest in Romania, representing the second richest copper reserve in Europe. The Romanian giant produces 400 tons of copper ore per month.