MINEX Forum

Tag: copper-gold project

  • Euro Sun Mining Advances Romanian Copper-Gold Project with Key Regulatory Wins and Strong Updated Feasibility Results

    Euro Sun Mining Advances Romanian Copper-Gold Project with Key Regulatory Wins and Strong Updated Feasibility Results

    TORONTO — Euro Sun Mining Inc. (TSX: ESM) announced a major regulatory breakthrough in Romania as the government has adopted an Emergency Ordinance establishing a national Single Point of Contact to implement the European Union’s Critical Raw Materials Act (CRMA). This new framework is designed to accelerate permitting and streamline processes for strategic projects, directly benefiting Euro Sun’s flagship Rovina Valley Copper-Gold Project.

    The company also released results from its optimized and updated definitive feasibility study (DFS) for the Colnic and Rovina open pits, marking the first phase of development for the project. According to the updated economic model, the project’s pre-tax net present value (NPV) has surged 173% to US$1.776 billion, with a pre-tax internal rate of return (IRR) of 39.7%, based on copper priced at US$4.50/lb and gold at US$3,300/oz.

    Euro Sun estimates the first-stage development will produce 403 million pounds of copper and 1.472 million ounces of gold at an all-in sustaining cost (AISC) of US$1,206 per gold-equivalent ounce. The project incorporates a cyanide-free process and dry stack tailings, aligning with responsible mining practices. Initial capital expenditure (CAPEX) is estimated at US$607.1 million.

    CEO Grant Sboros called the regulatory milestone and DFS results “significant,” adding that the company’s environmental impact assessment technical report has also been completed. Sboros emphasized that the strengthened project economics reaffirm Rovina Valley’s importance as a future European source of critical metals.

    Euro Sun further announced it has fully repaid a US$350,000 secured debenture owed to a company affiliated with one of its directors, releasing all associated security interests.

    In a strategic move, the company has appointed Cantor Fitzgerald Canada Corp. as its exclusive financial advisor to explore potential mergers, acquisitions, or asset-level transactions that could unlock additional value.

    The environmental impact assessment is now ready for submission, and Euro Sun plans to work closely with Romanian authorities to advance the project toward construction. The updated DFS reflects current cost data and revalidated economic assumptions, and it maintains a phased development approach. While the initial phase focuses on the Colnic and Rovina open pits, the underground Ciresata deposit may be integrated later pending future studies.

    Located in Romania’s historic Golden Quadrilateral Mining District, the Rovina Valley Project has access to established infrastructure, skilled local labor, and proximity to major transportation hubs. Over its 17-year open-pit operation, the project is expected to mine 140 million tonnes of ore, delivering 123.3 million tonnes for processing and stockpiling lower-grade material where feasible. Total material movement over the mine life is projected at 219 million tonnes, with a stripping ratio of 1.78:1.

  • Eldorado Gold’s Skouries Project in Greece Hits 70% Completion, First Output Due in 2026

    Eldorado Gold’s Skouries Project in Greece Hits 70% Completion, First Output Due in 2026

    Canadian miner Eldorado Gold has announced that its flagship Skouries copper-gold project in northern Greece is now 70% complete, with first production anticipated in early 2026 and commercial operations slated for mid-year. The project, part of the Kassandra Mines Complex, boasts proven and probable reserves of 3.7 million ounces of gold and 1.7 billion pounds of copper, with a projected 20-year mine life.

    Skouries is expected to deliver around 140,000 ounces of gold and 67 million pounds of copper annually. Once operational, it will significantly alter Eldorado’s production profile by adding copper revenues and reducing cash costs.

    Construction at the site had previously been suspended between 2017 and 2021 due to permitting delays and local resistance. A revised agreement with the Greek government in 2021 allowed Eldorado to resume development in late 2022.

    “We continued to make steady progress, supported by a skilled team on site performing at or slightly above our productivity assumptions,” said CEO George Burns. “We are focused on delivering first production of copper-gold concentrate in Q1 2026.”

    Eldorado raised the project’s capital cost to $1.06 billion earlier this year—$143 million higher than previously forecast—citing a tight labour market in Greece and the need for quicker procurement of large-scale mining equipment. An additional $154 million in operational capital will be needed before commercial output begins.

    In Q2 2025 alone, the company invested $117 million in construction and $27.1 million in operational activities. Cumulative capital spending had reached $705.7 million by the end of June, with another $400–450 million expected for project capital and $80–100 million for pre-production operations through 2025.

    The mine will use a hybrid of open-pit and underground mining methods, and Eldorado sees the project as a “key inflection point” in its long-term strategy.