NGOs have issued a joint statement on the plan to expand the gold mine in Armenia’s Karaberd

The “Arnika” and “NESEHNUTI” NGOs of the Czech Republic have issued a joint statement Friday on the plan to expand the gold mine in Karaberd town of Armenia. The statement treads as follows:

With this joint statement by the two organizations Arnika and NESEHNUTÍ, we respond to the latest developments in the Karaberd settlement in the Lori region of Armenia, where public hearings on the plan to expand the gold mining operations in Karaberd are being held on 04.11.2022.

In view of the circumstances mentioned below, we hereby express our opposition to the plan to expand the gold deposit in Karaberd settlement. Thus, by making a joint statement, we appeal to the Armenian public, the local authorities of the Pambak community, the regional government of the Lori region to prevent the plan to expand mining and express a negative opinion. We also call on the Ministry of Environment of the Republic of Armenia and the Ministry of Territorial Administration and Infrastructure of the Republic of Armenia to conduct a proper inspection of the project in the future.

Arnika and NESEHNUTÍ are Czech NGOs that have long been addressing environmental and social issues in the Czech Republic and abroad. NESEHNUTÍ and Arnika’s goal is to protect nature and a healthy environment for future generations at home and around the world. Arnika has long advocated for less waste and hazardous substances, living rivers and diverse nature, and the right of citizens to make decisions about the environment. For a quarter of a century, NESEHNUTÍ has been promoting participation of locals in decision-making and civic campaigns not only in the Czech Republic, but also in the South Caucasus and Southern Ukraine.

In 2018, Daniel Vondrouš, the then director of the Green Circle network of environmental organizations, attended a CivicBarcamp organized by NESEHNUTÍ in nearby Vanadzor, where he highlighted the impacts of gold mining and shared his experiences with the introduction of a ban on the use of cyanide in gold leaching in the Czech Republic. Now he is working as an advisor of the Ministry of the Environment of the Czech republic.

Gold mining can never be environmentally friendly and we therefore want to draw attention and appeal to local residents to be wary of the promises and decide together on the future of their community.

Mineral extraction has widespread adverse impacts on the environment and the health of mine and ore processing company employees, as well as residents who live near these operations. Neglect of the necessary technological procedures, breach of waste management regulations and inadequate technical security can reduce the quality of life of residents and damage the surrounding countryside in the long term and irreversibly.

The risks of mining include dust emissions, noise, potential accidents and chemical spills into local streams and soil or lowering of groundwater levels. Spills of chemicals used in mining and ore processing and metals in the ore itself [1] adversely affect human health. Data collected through pollution monitoring of mining communities in the Tumanyan and Stepanavan regions of Lori province, conducted between 2018 and 2021, confirmed these concerns. The results of Arnika’s study highlight the presence of pollutants in the environment and the higher health burden on the population of communities in the region affected by mining compared to the population not exposed to these impacts.

NESEHNUTI’s work has reaffirmed the interest of Armenian communities in transitioning to sustainable development and greater participation in environmental decision-making.

The above arguments highlight the risks faced by local communities and nature, which is why we call for the prevention of the expansion of the Karaberd gold mine, AM News writes.

Armenian government has extended mining rights to Lydian Armenia CJSC

The Armenian government has extended mining rights to Lydian Armenia CJSC at the controversial Amulsar gold mine site for another three years, until 2039, without a new environmental impact assessment.

June 2022 amendments to Armenia’s mining legislation allow companies to mine with environmental impact assessments more than a year old, if work delays were caused by force majeure reasons, including “civil disobedience.”

Initial environmental impact assessments (EIA) finding in favor of the mine were thrown out after allegations that Lydian had a hand in manipulating their conclusions.

Armenian PM Nikol Pashinyan, facing mounting pressure at home opposing the mine, ordered a new audit conducted by the Lebanese firm ELARD.

In August 2019, the report found that environmental risks at Amulsar “would be manageable.”  Pashinyan, pointing to the positive findings, said the Amulsar mine should be opened.

A public backlash forced the government to stand down and promise that it would order yet another EIA. The 2020 Artsakh war pushed the issue to the backburner and no new EIA was ever conducted. The June 2022 amendment also lists “war” as an acceptable force majeure reason for any delay.

Lydian Armenia can thus go ahead with the project based on the August 2019 ELARD report.

The Pashinyan administration, which originally opposed mining at Amulsar now supports it, pointing to the country’s post-war economic needs.

Lydian Armenia is a 100% subsidiary of Lydian Canada Ventures owned by the US firm, Orion Mine Finance and Canadian firm, Osisko Gold Royalties, who both invest in mining and mineral sectors, HETQ writes.

Spain has the biggest goldmine in Europe

In a small town in Asturias, on the shores of the Cantabrian Sea, experts believe there’s as much as 300,000 kilograms of untapped gold underground.

Spain is world famous for certain products. For its fruit and vegetables, its wines, its olive oil, its jamón. But few know that Spain also has an abundance of a much more precious and valuable material: gold.

In Asturias alone experts estimate there are as many as 480 gold deposits in the region. But the biggest goldmine – and by far the most controversial – is that of Salave in the municipality of Tapia de Casariego, where studies have revealed that there could be as much as 300,000 kilograms (or 300 tonnes) of untapped gold deposits underground.

In the last century or so, attempts have been made to mine the gold but very few have been successful. Many mining companies – the Asturias region is a traditional mining zone – have carried out studies and surveys in the area but did not, or could not, go ahead and take advantage of Asturias’ natural goldmine.

Why not?

Not for lack of trying, or because they didn’t want to, but because mining it would have serious environmental consequences on the area, and the battle between environmentally conscious residents and gold hunting miners has made Salave a point of contention in the community.

Many of the residents of the Tapia de Casariego are afraid that the natural deterioration born from a big mining project would worsen their quality of life. Others fear being pushed out of their homes.

Yet, knowing of the huge gold reserves underground, mining companies seem keen to press ahead with extraction anyway. A legal and environmental battle has rumbled on for many years now.

Back in 2010 AsturGold proposed a mining project but in December 2014 the Asturias regional executive voted the plan.

Three years later, in 2017, the Asturias High Court backed the veto and the environmental groups and mining companies came to a stalemate.

That’s not to say that miners aren’t still hoping to be able to take advantage of Asturias’ resource rich land in the future, however. “We hope to start producing gold at the Tapia mine in three years,” José Manuel Domínguez, Director of Exploraciones Mineras del Cantábrico(EMC), and a campaigner for the Salave gold mine, explained in the Spanish press. “There will be a mine, I’m convinced.”

The latest proposed EMC mining project aims to extract around 31,000 kilos of gold over 14 years, but has already received 1,297 environmental complaints, which are under review. The proposal, under study currently, hopes to start producing gold by as soon as 2025.

The 31,000 kilos of gold would be worth around €1.5 billion, and mining provides hundreds of jobs in Asturias and the Lugo province. The proposed EMC project alone could create 250 jobs in the area, and as many as 1000 indirect jobs.

Controversy

Locals are fiercely opposed to the plan, however. In April hundreds of people gathered in Tapia de Casariego to protest against the proposed extraction project.

Environmental group Oro No (No to gold) is collaborating with tourist associations, community organisations, fishing groups and farming cooperatives to oppose the plans, and calling on local government to intervene.

Protesters have expressed concerns about the impacts that a mining operation would have on their way of life, the environment, and the traditional economic activities of the area.

Roman history

The mining potential of Salave is no new discovery, however. It was first discovered by the Romans in the 1st century and has barely been touched since, hence why it is now considered one of – if not – the largest untapped goldmines in Europe.

Historians believe that during the Roman era, as much as 7,000 kilograms of gold were extracted using an ingenious extraction method called ruina montium, a water-based system that blasted structures apart.

Historians are unsure why the Romans eventually abandoned their extraction project at Salave, but the hundreds of thousands of kilograms of gold left behind remain largely untouched and very controversial to this day, The Local writes.

Skouries project is expected to produce an aggregate of 140,000oz of gold and 67 million pounds of copper per annum

Canadian firm Eldorado Gold has signed a mandate letter for a credit-committee-sanctioned €680m finance facility from Greek banks to develop the Skouries project in northern Greece.

The mandate letter, which is subject to negotiation of definitive loan documentation and other conditions, includes a long-form term sheet comprising customary terms and conditions.

According to the feasibility study, the project is expected to cost $845m for development.

Eldorado president and CEO George Burns said: “We believe that Skouries is a world-class project that will have a lasting positive economic and social impact for Greece, the communities we work in, and other stakeholders.

“We remain confident in the feasibility study capital cost estimate of $845m, and with the project finance facility in place, the company has the balance sheet capacity to fund the remaining capital cost for completion of the project.

“We also continue to evaluate opportunities for complementary sources of financing. A final decision to re-start construction remains subject to board approval, which we expect to seek in the second half of 2022.”

Part of the Kassandra Mines Complex, the Skouries project is a gold-copper porphyry deposit located within the Halkidiki Peninsula of Northern Greece.

With an anticipated operational life of 20 years, the project is expected to produce an aggregate of 140,000oz of gold and 67 million pounds of copper per annum.

The deposit is planned to be mined using a combination of conventional open pit and underground mining techniques, Eldorado said.

Through its first production, the project is expected to pay back the costs within less than four years and generate an average free cash flow of $215m per year in the first five years, Mining Technology writes.

Anglo Asian Mining expects to produce 54,000-58,000 gold equivalent ounces in 2022

Anglo Asian Mining PLC expects to produce 54,000 to 58,000 gold equivalent ounces (GEOs) in 2022, the Azerbaijan-focused company said alongside its first-half results.

The copper, gold, and silver miner produced 28,772 GEOs in the first half, down from 32,171 ounces in the year-earlier period, due to lower gold grades from its Gedabek operation.

Anglo Asian said it has made good progress at its Vejnaly and Gosha licences and that production from these areas should result in output at the upper end of the guidance range.

Total costs were steady as higher electricity and material costs were offset by lower cyanide usage, but lower output resulted in a 16% year-on-year increase in the all-in-sustaining cost of gold production to US$983 an ounce.

Pretax profit for the six months to end-June 2022 dipped to US$5.7mln from US$5.9mln as revenue fell 27.6% to US$31.5mln on lower gold doré sales.

The group said it achieved encouraging progress amid a difficult external environment.

“We made significant progress in the development of our portfolio with excellent progress made at Zafar, Vejnaly and Hasan, all of which will enter production in the next 3 to 12 months,” said Anglo Asian chief executive Reza Vaziri in the results statement. “This will ease our reliance on production from Gedabek as they are set to produce meaningful quantities of ore next year.”

The AIM-traded company said it plans to pay an interim dividend of 4 US cents per share.

Since the period end, the company’s revised production sharing agreement became law in Azerbaijan, granting the group three new contract areas.

“This is an exciting time for Anglo Asian Mining, with the acquisition of our three new contract areas,” said Vaziri “These will transform our business and are substantial drivers for growth”, Pro Active Investors writes.

Since Kyrgyzstan seized the gold mine last year, it has been the source of constant scandal

“It’s a secret” is becoming a catchphrase to describe how Kyrgyzstan is currently being administered, especially as concerns the giant gold mine that authorities seized last year in the name of a long-suffering public.

To begin, the sudden fall off in reporting on activities at the economically vital Kumtor mine was easily explained away.

Kyrgyzstan’s government was locked in a legal dispute with Toronto-listed Centerra Gold, Kumtor’s operator prior to the sudden imposition of “external management” – code for nationalization – in May 2021.

Making information about the mine public would have given Centerra the upper hand, top officials argued at the time.

But that legal standoff was settled amicably and for good in July of this year, while Kumtor is still a high-altitude shrine to opacity.

One of the biggest concerns is the mixed messages coming from the top leadership.

Last September, Kyrgyzstan’s national security chief Kamchybek Tashiyev boasted in a public appearance that “not a gram” of gold produced at Kumtor had left the country that year.

His claim did not tally with data from the national statistics committee, which showed gold had continued to be Kyrgyzstan’s chief export.

In fact, committee data released this July revealed that Kyrgyzstan had exported record quantities of gold – 24.8 tons – in 2021.

But the committee did not account for where the vast majority of this bounty had been sold, referring to an “undefined country” as the purchaser of 19.2 tons, or 77 percent.

Switzerland is well-known as a longstanding destination for Kumtor’s gold, and sure enough, Swiss trade statistics confirm that was where the gold had been received.

So why the secrecy?

In an interview last month with state media outlet Kabar, President Sadyr Japarov said that the identity of the importing country had been classified “for the security of the delivery.”

Bizarrely, the statistics committee had already identified Switzerland as the destination for exports of a smaller quantity of gold – just over a ton, along with the United Kingdom (4.08 tons) and “others” – 0.47 tons.

Japarov and Tashiyev, whose campaign to nationalize Kumtor began a decade ago when the pair were an opposition tandem, are Kyrgyzstan’s two most powerful politicians.

The third leg of the stool is chief minister Akylbek Japarov, not a relative of the president, but who is just as vague as his boss when it comes to answering questions about Kumtor.

Earlier this month, when pressed to report on Kumtor to parliament, he declared his government’s readiness to “answer for every milligram” of gold in due course.

He further complained that media outlets were stirring discord over Kumtor. “Gold is not a toy!” he warned.

Every week seems to bring something new to feed speculation surrounding Kyrgyzstan’s largest asset.

Last week it was the emergence of a photo online showing President Japarov’s older brother, Sabyr, clutching a pair of gold bars.

The president’s spokesman Erbol Sultanbayev provoked guffaws when he suggested the snap had been taken in 2016 or 2017, a period when Sadyr Japarov would have been either living abroad or serving out a jail sentence on kidnapping charges. The fact that Sabyr Japarov was holding a face mask, and that the man next to him was wearing one – seemed to point to a more recent date.

Japarov cleared the air during another interview with Kabar on September 8, explaining that the photograph of his brother was taken in Turkey last year and that a Turkish metal refining company that wanted to buy Kumtor’s gold had reached out to Sabyr as a bridge to the president.

No deal materialized, he said.

The president advised people not to “turn this [the photo] into some tragedy.”

Another mining mystery is how things went so wrong for Japarov’s one-time golden boy Tengiz Bolturuk.

Even before the beginning of the seizure of Kumtor, Bolturuk had been a close ally of Japarov’s, representing Kyrgyzstan’s interests on the board of Centerra Gold where he quickly gained a reputation as a hostile interlocutor.

When state officials seized Kumtor in May 2021, he ditched that obsolete role to become the mine’s external manager.

Bolturuk’s three-decades of industry experience proved invaluable to Bishkek in the transition to national control over Kumtor, but his overnight superstardom ruffled feathers.

A brand-new government holding that he chaired called Great Nomads Heritage emerged to become arguably the most important player in the national extractive industry.

He made enemies both in parliament, where some lawmakers complained about his Canadian-Kyrgyz dual citizenship, and at the state mining champion Kyrgyzaltyn, where he reportedly called the shots without formally holding a position.

But in August Bolturuk was declared to be under criminal investigation over financial misdemeanors that were detected at Kumtor in contracts for fuel, food and equipment.

Worryingly for Bolturuk – a native of Japarov’s home district of Tyup in Issyk-Kul region – the president has said absolutely nothing in his defense.

“I did not allow anyone to interfere in his work and I did not interfere myself, so that he would not later be able to say that because of me he could not fulfill his duties,” Japarov told Kabar of the investigation.

On September 13, Kyrgyzstan’s state prosecutor said it had opened three criminal cases as a result of the investigation with estimated damages to the state totaling more than $12 million. Bolturuk and two others were reportedly taken into custody, Eurasia writes.

Spain has the biggest goldmine in Europe

In a small town in Asturias, on the shores of the Cantabrian Sea, experts believe there’s as much as 300,000 kilograms of untapped gold underground.

Spain is world famous for certain products. For its fruit and vegetables, its wines, its olive oil, its jamón. But few know that Spain also has an abundance of a much more precious and valuable material: gold.

In Asturias alone experts estimate there are as many as 480 gold deposits in the region. But the biggest goldmine – and by far the most controversial – is that of Salave in the municipality of Tapia de Casariego, where studies have revealed that there could be as much as 300,000 kilograms (or 300 tonnes) of untapped gold deposits underground.

In the last century or so, attempts have been made to mine the gold but very few have been successful. Many mining companies – the Asturias region is a traditional mining zone – have carried out studies and surveys in the area but did not, or could not, go ahead and take advantage of Asturias’ natural goldmine.

Why not?

Not for lack of trying, or because they didn’t want to, but because mining it would have serious environmental consequences on the area, and the battle between environmentally conscious residents and gold hunting miners has made Salave a point of contention in the community.

Many of the residents of the Tapia de Casariego are afraid that the natural deterioration born from a big mining project would worsen their quality of life. Others fear being pushed out of their homes.

Yet, knowing of the huge gold reserves underground, mining companies seem keen to press ahead with extraction anyway. A legal and environmental battle has rumbled on for many years now.

Back in 2010 AsturGold proposed a mining project but in December 2014 the Asturias regional executive voted the plan.

Three years later, in 2017, the Asturias High Court backed the veto and the environmental groups and mining companies came to a stalemate.

That’s not to say that miners aren’t still hoping to be able to take advantage of Asturias’ resource rich land in the future, however. “We hope to start producing gold at the Tapia mine in three years,” José Manuel Domínguez, Director of Exploraciones Mineras del Cantábrico (EMC), and a campaigner for the Salave gold mine, explained in the Spanish press. “There will be a mine, I’m convinced.”

The latest proposed EMC mining project aims to extract around 31,000 kilos of gold over 14 years, but has already received 1,297 environmental complaints, which are under review. The proposal, under study currently, hopes to start producing gold by as soon as 2025.

The 31,000 kilos of gold would be worth around €1.5 billion, and mining provides hundreds of jobs in Asturias and the Lugo province. The proposed EMC project alone could create 250 jobs in the area, and as many as 1000 indirect jobs.

Controversy

Locals are fiercely opposed to the plan, however. In April hundreds of people gathered in Tapia de Casariego to protest against the proposed extraction project.

Environmental group Oro No (No to gold) is collaborating with tourist associations, community organisations, fishing groups and farming cooperatives to oppose the plans, and calling on local government to intervene.

Protesters have expressed concerns about the impacts that a mining operation would have on their way of life, the environment, and the traditional economic activities of the area.

The mining potential of Salave is no new discovery, however. It was first discovered by the Romans in the 1st century and has barely been touched since, hence why it is now considered one of – if not – the largest untapped goldmines in Europe.

Historians believe that during the Roman era, as much as 7,000 kilograms of gold were extracted using an ingenious extraction method called ruina montium, a water-based system that blasted structures apart.

Historians are unsure why the Romans eventually abandoned their extraction project at Salave, but the hundreds of thousands of kilograms of gold left behind remain largely untouched and very controversial to this day, Local writes.

Centerra and Kyrgyzstan Reach Agreement to Split

If implemented, the agreement would see the Canadian mining firm exit Kyrgyzstan after a tumultuous 20 years and Bishkek assume responsibility for the mine.

On April 4, Canadian mining firm Centerra Gold announced that it had reached an agreement with the Kyrgyz government, and Kyrgyzaltyn JCS, the state-owned mining company, which would see the Canadian firm exit the Central Asian state. The agreement was preceded by late March reports that the Kyrgyz government had approved such an agreement. At the time, however, the details were not known beyond the statement that they would fulfill the core terms outlined by the company earlier in the year when it confirmed it was in talks with Bishkek.

The agreement, to “effect a clean separation” includes the transfer of the Kumtor Mine and Centerra’s investments in Kyrgyzstan, the end of Kyrgyzaltyn’s involvement with Centerra, and the resolution of the standing disputes between Centerra and the Kyrgyz authorities.

In May 2021, Kyrgyz authorities moved to take control of the Kumtor Gold Mine, one of the country’s most lucrative assets. Long a flashpoint for nationalization calls, the seizure triggered a cascade of disputes that has led to this moment: Centerra looking to wash its hands of dealing with the Kyrgyz altogether.

Currently, Kyrgyzaltyn is Centerra’s largest single shareholder, with a 26.1 percent stake in the company. The announced agreement would see Kyrgyzaltyn transfer all of its 77.4 million shares to Centerra for cancellation for a purchase price of 972 million Canadian dollars (778.68 million U.S. dollars).

Kyrgyzstan would then receive from the Canadian firm 100 percent equity in its two Kyrgyz subsidiaries — the Kumtor Gold Company and Kumtor Operating Company — and assume responsibility for the Kumtor Gold Mine. This step includes a US$36 million cash payment, although $25 million would be withheld by Centerra for the Canadian tax authorities. The remaining $11 million would be paid out to Kyrgyzaltyn.

Upon closing of the agreement, Centerra would extinguish the inter-company balance between Centerra and the Kumtor Gold Company with a US$50 million payment. Kyrgyzaltyn’s two nominees to Centerra’s board would resign.

The agreement is contingent on the termination of all legal proceedings related to the Kumtor mine “with no admissions of liability.” These include all “ environmental, tax and other claims, fines, penalties or proceedings, including all criminal investigations and proceedings, in the Kyrgyz Republic” as well as the suspension of international arbitration proceedings. Centerra would agree to an order setting aside a February judgment in the Ontario Superior Court against Tengiz Bolturuk, a former member of the Centerra board of directors who, shortly after the Kyrgyz government seized control of the Kumtor Mine in May 2021, was put in charge of its operation. Centerra would then work to get its petition for Chapter 11 bankruptcy in the United States dismissed.

Not only is the agreement contingent on the cessation of all legal bickering, but it requires approval from Centerra’s shareholders (excluding Kyrgyzaltyn, for obvious reasons). The company’s press release states that it expects to hold a shareholder meeting in the second quarter of 2022 (so, between now and the end of June) to consider the matter, after sending shareholders “full details” of the agreement, the relevant transactions, the company’s rationale, and the risks.

Importantly, the company’s press release notes that “there can be no assurance” that Kyrgyzaltyn and the Kyrgyz government will fulfill the obligations laid out in the agreement, nor can it be assured that Centerra’s stakeholders and the Ontario court will approve the agreement.

If all the necessary conditions are met, the results would be a complete split of Centerra Gold from Kyrgyzstan, bringing to an end a tumultuous 20-year relationship, Diplomat writes.

Galantas Gold to kick off operations at Irish mine in June

Galantas Gold (TSX, LON: GAL) said on Wednesday it expects to re-start commercial operations at the past producing Omagh gold mine in Northern Ireland in June.

The Canada-headquartered junior said it had made significant progress in rehabilitating the underground workings, refurbishing, acquiring critical mining equipment, and installing electrical, water and ventilation systems.

Galantas, however, delayed completion of the secondary egress and installation of the manway, which is a prerequisite for the start of production, to mid-May. It said it needed the extra time for the safe rehabilitation of the ramp access and ore headings.

Omagh’s underground development was paused in 2017 until local police (PSNI) were able to increase availability of anti-terrorism cover.

Blasting activities were halted again in the late 2019 mainly because of limitations imposed by the PSNI. Ore production was then suspended in 2020 due to insufficient funds and the impact of the global pandemic.

Initial production is expected at 4,500 to 5,500 ounces for the balance of the year and to jump to 17,800 ounces of gold in concentrate in 2023, the company said in January.

A second phase development of the mine would target annual production of 35,000 ounces of gold a year, Mining writes.

Euro Sun close to getting final approvals for gold-copper project in Romania

Canada-based Euro Sun Mining said on Thursday that it is close to getting the final approvals it needed in order to obtain an exploitation permit for its Rovina Valley gold and copper project in Romania.

The company has submitted the Strategic Environmental Assessment (SEA) along with the Zonal Urban Plan (PUZ) – the final documents required prior to seeking approval by the environment ministry and subsequently getting the permits for construction, it said in a press release.

“We believe that the Rovina Valley project will provide access to significant employment and economic value in the Hunedoara area and would be a key strategic asset for Romania and the EU,” Euro Sun Mining chief operating officer Sam Rasmussen said.

The company aims to become a critical supplier of copper and gold for development of the European Union.

“Two significant examples of responsible mining are the lack of cyanide in the Rovina Valley Project’s processing circuit and the placement of dry or filtered tailings, eliminating the possibility of a catastrophic dam failure. The Rovina Valley project will provide strong economic benefits to all our local communities, the region and to the Romanian state incorporating the highest environmental practices,” Euro Sun Mining CEO Scott Moore said.

In February, Euro Sun Mining entered into a 3.5 million Canadian dollars ($2.75 million/2.42 million euro) convertible security funding agreement with Lind Global Fund II, part of which it plans to invest in the Rovina Valley project.

In March 2021, Euro Sun announced that it estimates a robust gold and copper output and total initial capital expenditures (CAPEX) of $399 million at Rovina Valley, following positive results of the definitive feasibility study which uncovered a potential average annual gold equivalent production of 146,000 ounces over the first ten years, consisting of 106,000 ounces of gold and 19 million pounds of copper per annum.

Toronto-listed Euro Sun is a 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, SeeNews reports.