BUSINESS

Exploitation of ores at Rosia Montana scheduled to start in 2016

According to an initial draft of the Agreement between the Government, Gabriel Resources and Rosia Montana Gold Corporation (RMGC) on the upcoming exploitation, quoted by Mediafax, the exploitation of ores within the Rosia Montana perimeter are scheduled to start in November 2016 after the following conditions have been met: the regional urban plan must be approved by the end of this year, state share capital contributions must increase by another 5.69 percent to 25 percent of the shares and all permits must be issued in due time.
According to the draft, the investor will pay the government a royalty fee of 6 percent of the production value and the state can request RMGC to pay the royalty fee in kind. Asked to give a statement on this topic, Dan Sova, Minister in charge of National Infrastructure Projects and Foreign Investments said the negotiations between the government and the investor have not been finalised and are currently on-going.

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