The Romanian National Agency for Mineral Resources has endorsed the mining licence for the Rovina Valley project and has initiated the ratification process, TSX-listed Euro Sun reported.
The mining licence for the exploitation of the Rovina Valley project requires the signatures of the Ministers of Economy, Environment, Justice and Finance. Once these signatures are obtained, the mining licence will be sent to the Secretary General of Parliament and to the Prime Minister for final signatures, before being published in the official government Gazette.
The company said the ratification process would take about 90 days, following which it would proceed to the initiation of an environmental impact study for the gold and copper project, in west-central Romania.
“As the first non-State-owned entity to have been issued a mining licence, we are committed to developing the Rovina Valley project as an example of responsible mining to the highest environmental standards, and in the process, provide meaningful economic impact to our local community partners and to the Romanian State,” Euro Sun president and CEO Scott Moore commented.
The Rovina Valley property hosts 10.84-million gold equivalent ounces (7.19-million ounces of gold grading 0.55 g/t and 1.42-million pounds of copper grading 0.16%), making it the second largest gold deposit in Europe.