The operator of the gold project Rovina in central Romania, the Canadian company Euro Sun Mining (formerly Carpathian Gold), announces that it is still waiting for the construction permit to go ahead with the planned USD 400 mln investments, Profit.ro reported.

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

Euro Sun recently received the approval for the initiation of the Strategic Environmental Assessment (SEA) related to the project, a process necessary to obtain the construction permit.

According to the updated feasibility study, Euro Sun aims for an average annual production of 3.3 tonnes of gold and 95 tonnes of copper in the first ten years. Euro Sun, through its subsidiary Samax Romania, obtained the gold mining license from Rovina for an initial period of 20 years in 2015, the document being ratified by the Government three years later.

According to the company's estimates from 2015, the value of mining production in Rovina was indicated at USD 3.6 bln for gold and USD 1.7 bln for copper, with royalties to the state of USD 310.4 mln during the project.

(Photo: Miklmakmagnitka | Dreamstime.com)

andrei@romania-insider.com