Euro Sun Mining targets $400 million for Romanian gold project

Canadian company Euro Sun Mining has announced plans to develop the Rovina Valley Gold-Copper Project in Romania, which is considered one of Europe’s largest deposits of these metals. To support the project, the company has entered into a non-binding memorandum of understanding with Macquarie Bank and Trafigura for a proposed senior project finance facility of up to $400 million.

Additionally, Euro Sun has signed a term sheet with Urion Investments Holdings Limited, a Trafigura Group company, for a proposed $3 million strategic equity investment. These funds are intended for the Rovina Valley Project and general corporate purposes. This follows an existing $200 million commitment from Trafigura.

The project aims to utilize flotation processing methods, which the company describes as an ecological alternative to large-scale cyanide use. While the company promises job creation and substantial royalties for the Romanian state, local communities and environmental organizations have expressed skepticism regarding the potential environmental impacts and the safety of the proposed extraction methods.