Euro Sun Mining and Glencore Enter into MOU for Concentrate Offtake
TORONTO, Oct. 31, 2024 (GLOBE NEWSWIRE) -- Euro Sun Mining Inc., (TSX: ESM) (“Euro Sun” or the “Company”) is pleased to announce that they have entered a binding Memorandum of Understanding (the “MOU’) with Glencore International AG (“Glencore”) by which Euro Sun grants Glencore the right of first refusal (“ROFR”) for an offtake of all future concentrate to be produced by Euro Sun at its Rovina Valley Project in Romania. In addition, Glencore has the right to nominate one director to the Euro Sun board of directors.
Mr. Grant Sboros, CEO of Euro Sun Mining, expressed enthusiasm about the recently signed MOU, emphasizing, "We are delighted to announce this offtake concentrate agreement with one of the world's leading mining companies. This MOU underscores the growing international interest in our project and secures future concentrate sales for Euro Sun upon commencement of production. The Rovina Valley Project continues to represent a significant investment to benefit Romania, which is also critical for raw material security in Europe.
About Euro Sun Mining Inc.
Euro Sun Mining is a publicly listed development-stage mining company focused on unlocking value through the responsible development of the Rovina Valley Project, one of Europe’s largest copper gold projects. The Rovina copper and gold deposit located in west-central Romania, is the second largest in Europe and holds about 400 million tonnes of confirmed resources containing 7.0 million ounces of gold and 1.4 billion pounds of copper.
About Glencore International AG
Glencore is one of the world’s largest global diversified natural resource companies and a major producer and marketer of more than 60 commodities. Founded in the 1970s as a trading company, Glencore has grown to become a major producer and marketer of commodities with around 150,000 employees and contractors and a strong footprint in over 35 countries in both established and emerging regions for natural resources.
Further information:
For further information about Euro Sun Mining, or the contents of this press release, please contact Investor Relations at info@eurosunmining.com
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 MOU and Glencore’s ROFR. 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.sedaplus.ca 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.
The TSX does not accept responsibility for the adequacy or accuracy of this news release.
A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/8b353ed8-3cee-4dde-92aa-9289f3ce7f32
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