Loading page...

Romanian Business News - ACTMedia :: Services|About us|Contact|RSS RSS


Gabriel Resources evaluates all possible options if the Rosia Montana project is rejected including trial in court

The Canadian company Gabriel Resources announced on Monday that they wanted a confirmation of the statements made by premier Victor Ponta and several ministers of the government referring to the rejection of the project Rosia Montana, informs a press release of the Gabriel Resources company. ‘In case the project is rejected then the company will evaluate all possible actions, including the official announcement of their intentions to start action in justice for breach of international treaties regarding investments’ the press release of the Canadian company says. Moreover, Gabriel Resources advises the investors to adopt a cautious attitude in their actions.

The draft law includes the approval of an agreement on the basis of which the majority shareholder of the gold mining project Rosia Montana Gold Corporation (RMGC) will transfer in stages on a free of charge basis to the minority shareholder controlled by the Romanian state a quota of 5.69% of the social capital of the company. The indirect participation of the Romanian state will reach, 25%. The mining debt applicable to the project will be 6% ( against 4% in other mining projects) with the option of the Romanian state to require payment in gold

The Rosia Montana Gold Corporation company (RMGC) intends to develop the most modern mine in Romania, in Rosia Montana, proposing to extract approximately 300 tons of gold and 1,400 tons of silver, the equivalent of 20,000 ingots. The company was set up in 1997 in Alba county, the shareholders being the mining company Minvest Deva with 19.31% and Gabriel Resources with 80.69%.