European Commission Reaches Political Agreement on the Critical Raw Materials Act
TORONTO, Nov. 14, 2023 -- Euro Sun Mining Inc., (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce that the European Commission (the “Commission”) has reached a political agreement on the Critical Raw Materials Act (the “Act”). The Act represents a significant milestone in ensuring the European Union’s (“EU’s”) access to secure, diversified, affordable and sustainable supply of critical raw materials, and in particular, Euro Sun is pleased to announce that copper has been deemed both a strategic raw material and critical raw material.
The Act seeks to increase domestic EU capacities for critical raw materials along the supply chain by identifying strategic projects that would benefit more streamlined, faster and more efficient permitting procedures as well as facilitated access to finance. Furthermore, the Act specifies that the EU should have the capacity to extract 10%, process 40%, and recycle 25% of its annual consumption of strategic raw materials by 2030. The Act will also require monitoring of critical raw materials supply chains, and an obligation for large companies to perform risk assessments of their supply chains.
The Act will now be submitted to the European Parliament and the Council for formal approval. Commenting on the political agreement of the Act, Mr. Grant Sboros, Chief Executive Officer of Euro Sun, said “We welcome the passing of the Act and applaud the EU’s recognition of the importance of increasing domestic production of critical materials, in particular copper. Euro Sun believes the Rovina Valley Project is a perfect candidate for the Act given that it is situated in Romania and its sizable copper deposits. We look forward to working with the government of Romania to streamline the permitting and financing of the Rovina Valley Project under the Act.”
About Euro Sun Mining Inc.
Euro Sun is a Toronto Stock Exchange listed mining company focused on the exploration and development of its 100%-owned Rovina Valley gold and copper project located in west-central Romania, which hosts the second largest gold deposit in Europe.
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Caution regarding forward-looking information:
This press release contains "forward-looking information" within the meaning of applicable Canadian securities legislation. Forward-looking information includes, without limitation, statements regarding the formal approval of the Act; acceptance of the Rovina Valley Project as a strategic project under the act; adoption of the Act by the Romanian government and anticipated benefits to permitting and financing of the Rovina Valley Project under the Act. Forward-looking information is subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of the Company to be materially different from those expressed or implied by such forward-looking information, including risks inherent in the mining industry and risks described in the public disclosure of the Company which is available under the profile of the Company on SEDAR at www.sedar.com and on the Company's website at www.eurosunmining.com. Although the Company has attempted to identify important factors that could cause actual results to differ materially from those contained in forward-looking information, there may be other factors that cause results not to be as anticipated, estimated or intended. There can be no assurance that such information will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on forward-looking information. The Company does not undertake to update any forward-looking information, except in accordance with applicable securities laws.
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