The company said the mining licence was signed by Romania's prime minister Viorica Dăncilă on Friday, completing the long-awaited ratification process.

Euro Sun had been granted the mining licence for Rovina Valley three years ago and said in May it had been assured of ratification.

"Romania has now demonstrated an open and willing embrace for mining investment, one that is sure to attract significant interest not only in the Rovina Valley project but for mining investment globally in Romania," chairman Stan Bharti said.

The company has a feasibility study underway to evaluate a phased approach to developing Rovina Valley, targeting the higher-grade zones, which it expects to deliver improved economics over the 2010 preliminary economic assessment.

That study had envisaged preproduction capex of US$509.4 million with average annual production over 19 years of 196,000 ounces of gold and 49.4 million pounds of copper.

Euro Sun said it would now undertake the environmental and social impact assessment and continue the feasibility study, to accelerate the project towards a construction decision.

Rovina Valley is Euro Sun's flagship project after the company was involved in a failed bid for Canadian-listed miner Nevsun Resources earlier this year. 

It raised US$2 million in a private placement to Orion Mine Finance Fund II at C60c per share earlier last week to advance Rovina Valley.

Shares in the company closed 30% higher yesterday at C91c yesterday, valuing it over $52 million.

Its shares were trading above $1.30 a year ago.