Euro Sun Mining Inc (TSX:ESM, OTC:CPNFF, FRA:OL11). has said it intends to seek a listing of the company's shares on the London Stock Exchange (LSE) Main Market, subject to the required regulatory approvals from the Financial Conduct Authority and the LSE, including publication of a prospectus, with admission expected to occur in the third quarter of 2021.
The Toronto-listed company's main asset, the Rovina Valley project, which contains the Rovina, Colnic and Ciresata deposits, is one of the largest undeveloped copper-gold projects in Europe, holding approximately 400 million tonnes of confirmed resources containing 7.0 million ounces of gold and 1.4 billion pounds of copper. The Rovina Valley gold and copper project is 100% held by the company.
Euro Sun recently completed a definitive feasibility study (DFS) on the Rovina Valley project, outlining its robust economics and a full project outline toward construction. The results of the DFS were announced in March, 2021, showing average annual gold equivalent production of 146,000 ounces in the first 10 years, consisting of 106,000 ounces of gold and 19 million pounds of copper per annum at an average AISC (all-in sustaining costs) 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 utilizing the same infrastructure and processing capabilities that would already be in operation.
Euro Sun Mining's management team and board, which comprise six independent non-executive directors and one executive director, have a proven record in financing large-scale mining projects and a significant focus on corporate governance and experience overseeing companies listed on leading international stock exchanges.
In a statement, Scott Moore, chief executive officer of Euro Sun, commented: "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 European Union 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.
"Once in production, we expect to be one of the most efficient and environmentally responsible producers of copper and gold not only in Europe but globally. The board looks forward to the opportunity to raise the company's profile through the London listing ahead of what management expects will be several value-accretive catalysts.
"The project, which has already been awarded its mining exploitation permit, is one of the largest undeveloped projects of its kind in Europe, with 10.1 million ounces of gold equivalent of measured and indicated resource. The project is targeted to be in production in 2024 and will use simple and low-impact mining to produce a clean copper and gold concentrate product, ideally suited for European smelters.
"Equally as important as RVP's size and location is our commitment to responsible practices. We have clear environmental, social and governance commitments that are aligned with internationally recognized 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 socio-economic benefit for years to come."
Euro Sun Mining is focused on unlocking value through the responsible development of the Rovina Valley project, one of Europe's largest gold-copper projects. The company has clear environmental, social and governance commitments that are aligned with internationally recognized standards and goals.
Contact the author at jon.hopkins@proactiveinvestors.com