Euro Sun Mining has inked a binding memorandum of understanding with Glencore International giving the latter right of first refusal for an offtake of all future concentrate from its Rovina Valley project in Romania.
The Toronto-headquartered junior, which is advancing the project to be one of Europe’s largest copper gold properties, also gave Glencore the right to nominate one director to the Euro Sun board of directors as part of the MOU.
CEO Grant Sboros said the deal backs what has become growing international interest in the project, and at the same time secures future concentrate sales for Euro Sun once the mine begins producing.
“The Rovina Valley Project continues to represent a significant investment to benefit Romania, which is also critical for raw material security in Europe,” he added.
The Rovina copper and gold deposit located in west-central Romania is the second largest in Europe and holds about 400 million tonnes of confirmed resources containing 7 million ounces of gold and 1.4 billion pounds of copper.
Source: Euro Sun Mining