Euro Sun Mining Inc has welcomed the announcement that the European Parliament and Council have reached an agreement on the Critical Raw Materials Act, in particular, that the act recognizes copper as both a strategic and critical raw material.
The act aims to increase the European Union’s domestic capacities for critical raw materials by identifying, streamlining and facilitating access to finance for strategic projects.
It lists 34 critical raw materials and sets targets to increase the EU’s contribution of these substances being 10% for extraction, 40% for processing and 15% for recycling.
The act is provisional, pending final approval by the European Parliament and Council.
“We welcome the passing of the act and applaud the EU’s recognition of the importance of increasing domestic production of critical materials, in particular copper,” Euro Sun CEO Grant Sboros said.
“Euro Sun believes the Rovina Valley project is a perfect candidate for the act given that it is situated in Romania and its sizable copper deposits. We look forward to working with the government of Romania to streamline the permitting and financing of the Rovina Valley project under the act.”
Euro Sun is a Toronto Stock Exchange-listed mining company focused on the exploration and development of its 100%-owned Rovina Valley gold and copper project located in west-central Romania, which hosts the second-largest gold deposit in Europe.