Euro Sun agrees terms for $200m Trafigura financing
Toronto-listed Euro Sun Mining said on Friday that it had agreed in principle to the terms of a copper concentrates prepayment facility of up to $200-million with Trafigura as the company progressed financing for its Rovina Valley copper/gold project in Romania.
The term sheet outlines conditions for the facility, which is designed to meet the company’s financial needs over the next 18 months.
Trafigura would also help syndicate a further $200-million debt package to support construction of the project, one of the largest undeveloped copper/gold deposits in Europe.
“We are very pleased to have signed this term sheet that we believe could significantly strengthen our financial position,” said Euro Sun CEO Grant Sboros. “We are working to obtain financial security for all our stakeholders, and a clear financial roadmap to support our strategic growth and advance the long-term vision for our Rovina Valley project.”
The facility is subject to standard due diligence and definitive documentation. Euro Sun said it continued to advance its environmental-impact assessment and will engage closely with Romanian officials to obtain the legislative approvals required for development.
“Together with our strategic status granted and our financial position closer to being secured, we are on the cusp of being fully equipped to deliver this project for people of Romania and Europe’s benefit,” Sboros said.
Trafigura head of copper Ross Ridgway said the trading firm was committed to supporting projects that can help meet global copper demand.
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