Verde Magnesium rents land for EUR 10 mln production facility in western Romania

Verde Magnesium, which is developing the magnesium exploitation project in western Romania at Budureasa, has been granted, for a period of 10 years, a 25,952 sqm plot of land in the Beiuş Intelligent Specialisation Park for a production facility dedicated to metallic magnesium and magnesium alloys. The investment, partly financed from EU funds, is estimated at RON 51 million (EUR 10 million), according to a press release sent by the Bihor County Council and cited by Ziarul Financiar.

"It is the largest concession contract so far, both in terms of the concessioned area and the value of the investment assumed. The concession is granted for a period of 10 years, and the annual royalty is RON 220,000 (RON 8.5/sqm/year)," according to the press release sent by the Bihor County Council.