December 7, 2022

Valley Post

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Shows opened, a new round of anxiety for LARCO

Concern about the fate of LARCO and the jobs of 1,080 employees continues, as bids were opened Thursday for the two parallel bids conducted by the Special Director of Mines and TAIPED for the Larina mineral plant, but this development opens a new round of bids of unknown duration.

This is because the two bids, although two bids are submitted in the first and only one in the second and the “heaviest”, contain a bid exchange clause, i.e. the right of each of the bidders to submit an improved bid for both “packages” of LARKO’s assets and to also claim what was not bid for him.

It should be noted that in the TAIPED mineralogy tender in Larymna and nearby mines (Larymna and Loutsi) only GEK TERNA – AD Holdings submitted a bid, while the mines and mineral reserves of Evia, Boeotia, Fthiotida, Kastoria and Servia Kozanis submitted both consortiums to court. the public. In addition to the Irish CMI (Visibility of Commodities and Mining).

According to the TAIPED announcement, “The relevant Ministries of Finance, Environment and Energy will be immediately informed of the consortium plan’s financial offer, in order to obtain their approval and proceed with the declaration of the preferred investor and activate the bidding process on both sides if necessary.” Of course, the declaration of the preferred investor in the TAIPED tender is a procedure Officially, as long as there is a bid, while in the case of a special management tender, the announcement will reveal whether the information on the highest bid from an Irish CMI with unknown intent is correct.

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In any case, the figures circulating in the “market” of the amount of offers from both sides – a few million are heard / written – rather confirm the way historical mineralogy is being discredited. Now, attention is turning to whether the GEK-AD Holdings and CMI consortium will use the firing and bid clause with improved bids for the entirety of LARCO, or whether it will split up the mineral assets. However, the critical element on the minds of the workers, who have been laid off for four months and rehired on two-month contracts, but with the plant out of business, is whether or not LARCO’s suitors have an investment plan to reopen and expand its business. .