Euro Sun Mining Inc. announced that the European Commission has reached a political agreement on the Critical Raw Materials Act. The Act represents a significant milestone in ensuring the European Union’s access to secure, diversified, affordable and sustainable supply of critical raw materials, and in particular, Euro Sun is pleased to announce that copper has been deemed both a strategic raw material and critical raw material.
The Act seeks to increase domestic EU capacities for critical raw materials along the supply chain by identifying strategic projects that would benefit more streamlined, faster and more efficient permitting procedures as well as facilitated access to finance. Furthermore, the Act specifies that the EU should have the capacity to extract 10%, process 40%, and recycle 25% of its annual consumption of strategic raw materials by 2030. The Act will also require monitoring of critical raw materials supply chains, and an obligation for large companies to perform risk assessments of their supply chains.
The Act will now be submitted to the European Parliament and the Council for formal approval. Commenting on the political agreement of the Act, Mr. Grant Sboros, Chief Executive Officer of Euro Sun, said “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 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.”
Source: Globe Newswire