Romania has received a positive endorsement from the European Commission (EC) for three critical mining projects, securing €615 million (approximately $665 million) in financing under the EU’s Critical Raw Materials Act (CRMA). The projects, announced by Prime Minister Marcel Ciolacu, focus on the extraction of copper and magnesium—materials essential to industries such as energy, aviation, and defense. These metals have seen a surge in demand across Europe, which remains heavily reliant on imports, particularly from China.
The magnesium project will be undertaken by Verde Magnesium, a private company backed by U.S.-based Amerocap. Verde Magnesium plans to invest $1 billion in reviving a former magnesium mine that was closed in 2014. The EC has provided €115 million ($124 million) in funding for this project, which aims to produce 90,000 tonnes of magnesium annually by 2027—potentially meeting 50% of the EU’s demand. This initiative is expected to bolster Europe’s strategic autonomy in magnesium supply.
The largest project will focus on copper and gold extraction and is being developed by Canadian company Euro Sun Mining in central Romania’s Rovina Valley. The EC has allocated €300 million ($324 million) for this project, which is expected to produce 20,000 tonnes of copper annually—equivalent to a 2.3% increase in EU copper production. Romania currently imports all its copper due to the closure of domestic mines following privatization failures. Euro Sun Mining describes this as one of Europe’s largest gold-copper projects. The Rovina Valley Project is also projected to generate significant tax revenue and create local jobs while adhering to strict environmental standards through cyanide-free processing methods.
These two projects were selected from seven proposals submitted by Romania under the CRMA framework. They are part of the EC’s broader strategy to secure access to critical raw materials within the EU, which includes designating 47 strategic projects across 13 member states. These initiatives aim to reduce Europe’s reliance on external suppliers like China by streamlining permitting processes and providing financial support through public and private partnerships.
Prime Minister Ciolacu emphasized that these projects would not only create thousands of jobs but also drive industrial development across Romania. Economy Minister Adrian Ivan noted that these efforts align with the EU’s goals of achieving greater resource independence and supporting green technologies.
