Recsk copper mine (northeast Hungary) for sale

Hungarian state-owned company Mecsek-Oko is selling the Recsk copper mine near the town of the same name in northeas Hungary. Reserves are known to be up to 800 Mt of  ore. Mecsek-Oko CEO Bela Papp said that four  international mining companies have already purchased the tender documents. The tender deadline is May 30 this year.

Mecsek-Oko believes that following the significant rise in copper price the 1,200-m deep mine can now be economical. The company estimates that around HUF100 billion will need to be invested for the mine, which was closed in 1999, to be brought back into production. Mining operations started in Recsk in 1986, but further development was abandoned in 1987, following a fall in the price of copper.

The mine was previously put up for sale in early 2005, but the company that won the tender failed to complete the transaction.