Abstract of Michael Kozak from mining.com Kozak has a one-year target price of $2.10.
“Rovina Valley, when up and running, will be Europe’s largest gold and copper mine in terms of resources,” he noted.
The mining analyst estimated that the ESIA will take about 18 months.
Kozak also pointed out that Rovina is not at all like Gabriel Resources’ (TSX: GBU) troubled Rosia Montana project, which has been stalled for years due to local opposition.
To associate the two projects is “unequivocally incorrect,” Kozak wrote. “Absolutely none of the many issues that have plagued the latter, apply to the former.”
“Permit now in hand, Rovina Valley is a project that can be built.”
Kozak estimates the mine could produce about 150,000 ounces of gold and 50 million pounds of copper a year over a multi-decade mine life.
He also argues that the project could attract a joint-venture partner and/or M&A interest.
“Rovina Valley has the size, scale, and grades that are attractive to large-tier and mid-tier gold and copper miners,” he stated. “It has the potential to be advanced in a joint-venture structure (similar to last year’s Caspiche-Cerro Casale deal) or, should the valuation disparity persist, Euro Sun could represent an excellent takeover candidate.”