32.2 C
Belgrade
Supported byspot_img
spot_img

Euro Sun Mining’s Rovina Valley project in Romania on course for approval

Member of Europium Groupspot_img
Supported byspot_img

The Romanian National Agency for Mineral Resources has begun the ratification process in connection with Euro Sun Mining’s licence for the Rovina Valley project.

Euro Sun has received project recommendations from NAMR after the agency completed its review in the form of a memorandum, which will now be sent to the concerned ministries for approval.

The project was awarded the mining licence in May 2015.

Supported by

Euro Sun Mining president and CEO Scott Moore said: “We are very pleased to see the process to ratify our mining licence begin, following our successful public audience in June.

“Once ratification is completed, we will progress with the initiation of our environmental impact study.”

Spread over 27.68km² in west-central Romania, the project is located 300km north-west of the capital city of Bucharest and has measured and indicated mineral resources of 10.84Moz of gold equivalent.

It has three porphyry deposits comprising a north-northeast trend over 7.5km.

NAMR president Aurel Gheorghe said: “Following the lapse of the 30 statutory days after the posting date, the licence and the explanatory memorandum will be forwarded for endorsement to the competent institutions, in view of approving licence no. 18174/2015 by government decision, according to the applicable legislation.”

A preliminary economic assessment at the project indicated an average gold production of 196,000oz per annum over 19 years at cash costs of $379/oz Au.

The PEA also demonstrated that the project will have a pre-tax net present value at an 8% discount of $316m and an internal rate of return  of 15.7%.

Source: mining-technology

Supported byElevatePR Digital

Related News

Rio Tinto Assures on 2500 Pages – There is a Solution for Every Danger

Rio Tinto executed a move announced six months ago – they published drafts of environmental impact studies on how harmful the lithium mine in...

Geopolitical struggle over Central Asia’s rare-earth reserves

Central Asia, encompassing Kazakhstan, Kyrgyzstan, Tajikistan, Turkmenistan, Uzbekistan, Afghanistan and Mongolia, holds vast untapped reserves of rare-earth minerals. Recent global developments have thrust these...

Guatemala revokes environmental license for Canadian-backed open-pit mine

The Guatemalan government has revoked the environmental license for a proposed open-pit mine near the border with El Salvador, citing multiple "anomalies," including forged...

Thailand’s $1.20 quadrillion mineral wealth: A catalyst for new industrial growth

Thailand is home to a treasure trove of mineral resources that could significantly boost its economy and spearhead the development of new industries. With...
Supported by
Supported by
Supported by
error: Content is protected !!