Restructuring events
European Restructuring Monitor (ERM)
The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
According to Government Decision no. 300/14 April 2005, the National Company of Copper, Gold and Iron Minvest (Compania Naţională a Cuprului, Aurului şi Fierului Minvest,CNCAF Minvest) located in Deva (Vest region, Hunedoara county) was set to make 1,250 miners redundant in 2005, meaning more than one quarter of its current personnel.
Later on, the the Government Decision no. 891 in 4 August 2005 increased the number of redundancies to 1,370.
In January 2006, new redundancy figures were approved by the Government Decision no. 78 of 19 January 2006.
Collective redundancies at CNCAF Minvest will total 2,150 people:1,370 people in 2005 and another 780 employees in 2006.
CNCAF Minvest includes 11 subsidiaries in 4 out of the total of 42 counties of Romania: Arad and Hunedoara (Vest region), Harghita (Centru region) and Cluj (Nord-Vest region).
The company is 100% state owned and its turnover worth about 25 million euro in the first half of 2004.
Its production is quite diversified, ranging from copper, gold, silver, ferrous and complex ores, to the extraction and processing of quarry materials and gravels.
CNCAF Minvest contribution to the total ore production of Romania stands at 47% for iron ore and 39% for gold-silver ore, but the bulk of its production consists of gold-silver ore (55%), while 21% comes from copper ore and 11% from complex ore.
By 1 January 2007, the government is committed to cut all subsidies for non ferrous metals and redundancies in the company are expected to continue for some years from now.
The redundant miners are entitled to all the compensatory payments provided by law and will also benefit from a national social-economic regeneration programme designed for all the mining areas of the country.
Eurofound (2005), CNCAF Minvest, Internal restructuring in Romania, factsheet number 61852, European Restructuring Monitor. Dublin, https://dev.eurofound.europa.eu/restructuring-events/detail/61852.
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