Euro Sun Mining has announced a binding memorandum of understanding (MOU) with Glencore, pertaining to the offtake of all future concentrates from the Rovina Valley project in Romania.

This agreement grants Glencore the right of first refusal to secure an offtake agreement for the project's production.

Euro Sun Mining CEO Grant Sboros said: “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.”

The Rovina Valley Project is reputed to be one of Europe's largest copper-gold operations.

Situated in west-central Romania, the site boasts approximately 400 million tonnes of confirmed resources, which includes seven million ounces of gold and 1.4 billion pounds of copper.

In addition to the offtake rights, the MOU affords Glencore the option to appoint a director to the Euro Sun board.

Glencore, a commodity and mining company, operates on a global scale and is a prominent producer and marketer of more than 60 commodities.

Glencore employs roughly 150,000 individuals and contractors across more than 35 countries.

Last month, Schneider Electric partnered with Glencore to improve its copper supply chain and advance decarbonisation efforts. Schneider Electric collaborated with Glencore and Li-Cycle to recycle lithium-ion batteries and plans to develop a system for collecting copper and electronic waste.