Romanian Prime Minister Viorica Dăncilă has signed the mining licence for the Rovina Valley project, making TSX-listed Euro Sun Mining the first non-State-owned entity to have a ratified mining licence.
“The importance of this ratification cannot be overstated. Romania has now demonstrated an open and willing embrace for mining investment, one that is sure to attract significant interest not only in the Rovina Valley project, but for mining investment globally in Romania,” Euro Sun chairperson Stan Bharti said on Monday.
The company will now undertake the environmental and social impact assessment and will also continue the feasibility study, accelerating the Rovina Valley project towards a construction decision.
The 2010 preliminary economic assessment outlined a robust project with an average gold production of 196 000 oz/y over 19 years with the first five years of production averaging 238 000 oz/y. Rovina Valley will also produce 49.4-million pounds a year of copper.
Meanwhile, Euro Sun announced the resignation of Guy Charette from its board of directors with immediate effect. Charette has been a director since 2003.