Euro Sun Mining (formerly Carpathian Gold), which operates the Rovina gold project and another prospect in Romania, has raised CAD 22.32 million in funding (USD 16.6 mln). The company will use the funds for exploration and the development of its mining projects.

In 2018, the Romanian Government completed the concession license ratification, allowing the Canadian company to start exploiting gold and copper at Rovina, in Hunedoara county.

In 2015, the National Agency for Mineral Resources (ANRM) granted the exploitation license to the Canadian group for 20 years. At that time, the value of the mine's potential production was estimated at USD 3.6 billion for gold and USD 1.7 bln for copper, with the state relying on royalties of USD 310.4 mln.

The Rovina gold deposit, the second largest in Europe, contains measured and indicated resources of 204 tons of gold and over 635,000 tons of copper.

editor@romania-insider.com

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