Gold and copper developer Euro Sun to list in London
Mining News Pro - Europe-focused gold and copper developer Euro Sun Mining has announced its intention to seek a listing on the LSE main market, with approval expected in the third quarter.
The company, which is listed on the Toronto exchange, says that the London listing would raise its profile with UK, Europe and global investment markets, providing it with broader access to investors.
Euro Sun’s main asset is the Rovina Valley project, in Romania. The project is one of the biggest undeveloped copper/gold projects in Europe, holding about 400-million tonnes of confirmed resources containing seven-million ounces of gold and 1.4-billion pounds of copper.
“The decision to list in London, the world’s most dominant capital market for mining stocks, fully underpins our overarching strategy of producing critical metals from our asset located in the EU to meet the increasing demand from European markets, which are taking steps to become more self-sufficient and cut their reliance on countries such as China for strategic resources. There is currently a short supply of copper and gold produced within Europe, and ESM is well placed to help fill that gap,” said CEO Scott Moore.
Euro Sun recently completed a definitive feasibility study (DFS), outlining Rovina Valley’s robust economics and a full project outline towards construction. The study shows average gold-equivalent production of 146 000 oz/y in the first ten years, consisting of 10 000 oz of gold and 19-million pounds a year of copper at an average all-in sustaining cost of $790/gold-equivalent ounce with a mine life of 16.8 years.
The DFS has been based solely on the development of the Colnic and Rovina deposits. Further development of the Ciresata resource could extend the life of the operation while using the same infrastructure and processing capabilities that would already be in operation.
Moore said that the project would be in production in 2024 and would use simple and low-impact mining to produce a clean copper and gold concentrate product, ideally suited for European smelters.
“Equally as important as Rovina Valley’s size and location is our commitment to responsible practices. We have clear environmental, social and governance commitments that are aligned with internationally recognised standards and goals. We take pride in our low-impact approach, which will use dry-stacking, existing infrastructure, renewable/grid electricity, and zero cyanide. We have and continue to work with all levels of government and the local communities to maintain our social licence to operate and ensure we leave a lasting socioeconomic benefit for years to come,” said Moore.
The company is not intending to raise capital in conjunction with listing. The application for listing the shares and the LSE admission would not affect Euro Sun’s current listing on the TSX.