Gabriel Resources expects Parliament approval about Rosia Montana in 2-3 months

Gabriel Resources, a company registered in Canada, who wants to develop Rosia Montana mining project and expects the approval of Romania’s Parliament for exploitation.“We hope it will last 2-3 months,” said the general manager of Gabriel Resources, Jonathan Henry, in a telephone interview granted to Bloomberg. Gabriel Resources controls Rosia Montana Gold Corporation the developer of the controversial mining project from Rosia Montana.

The company, registered in Canada, is supported by the hedging fund Paulson & Co, controlled by the American billionaire John Paukson by BSG Resources, owned by Beny Steinmetz, one of the richest people in Israel, by Electronum Strategic Holdings, by the American Newmont Mining Corp., one of the biggest gold producers at world level.

The bill about ore exploitation in the Rosia Montana area was approved last week by the government and will debated in Parliament.

The draft law provides the increase of the state participation in the project by 5.69% to 25% and the increase of dues from 4% to 6% of production value. The bill considers the Rosia Montana exploitation as a project of national interest.

Thousands of people protested against Rosia Montana project in Bucharest and other towns. Gabriel Resources considers he made a generous offer to the Romanian state. Jonathan Henry, CEO at Gabriel Resources said he did not expect the authorities to issue the environment approval for the project before the conclusion of parliamentary debates.

The premier said the Parliament is the institution entitled to make a decision, being the ideal place for debate and information about the project.

Rosia Montana has resources evaluated at 300 tons of gold and 1,600 tons of silver.

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