Thursday, June 29, 2017

Gabriel Resources to seek $4.4-billion in damages from Romania

Gabriel Resources Ltd (GBU.t) will seek $4.4-billion in damages from Romania for losses related to its long-stalled Rosia Montana gold mine project. The miner’s project, near the village of Rosia Montana, was expected to produce 500,000 ounces of gold annually over 16 years of operation, making it Europe’s largest gold mine.

The project has potential to generate $24-billion for the country’s economy, Gabriel estimates. A mining district more than 2,000 years ago in Roman times, Gabriel filed a request for arbitration with the World Bank in 2015. Romania is one of Europe’s poorest countries, despite rich natural resources including gas, coal and gold.

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