Bucharerst, Nov 10 (IANS): Romania's insolvent National Mining Company Remin will put up for auction 506,540 tonnes of gold concentrate with a high arsenic content, the company announced.
According to company manager Ovidiu Galca, besides the Romanian companies in the nonferrous industry, companies from Australia, China and Switzerland will also take part in the auction scheduled for Nov 12.
The market value estimated by evaluating the gold concentrate is about $105/dry metric tonne.
The seller will select the company that offers the highest price. A guarantee, 10 percent of the lot value, is to be imposed for participating in the auction.
The deal is meant to draw additional resources to the state budget.
The National Mining Company Remin operates mainly in the northwestern county of Maramures, which has a history of mining for gold, copper, lead, zinc, silver, manganese and salt.