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May 15, 2021
COMPANIES ECONOMY

Gabriel Resources starts international arbitration procedure in Rosia Montana file

Canadian company Gabriel Resources announced on Tuesday it had filed an arbitration request at the International Centre for Settlement of Investment Disputes (ICSID) against Romania, according to a company’s press release.
Gabriel Resources informs that action refers to the company’s dispute with the Romanian authorities about the development of the Rosia Montana mining project, in which Gabriel Resources holds an 80.69pct stake.
The Canadian company says it further seeks reaching a high-level agreement with the Romanian authorities in order to settle the dispute. However, Gabriel Resources is determined to protect its rights and interests in Romania, and in the absence of the Romanian authorities’ wish to enter a dialogue, the company has decided to resort to justice through an arbitration request and it has hired White&Case LLP firm to represent it in this case.
Gabriel has been threatening since September 2013 that it will take the Romanian Government to court and that it will claim compensation of up to four billion dollars because of ‘multiple breaches of investment treaties.’
Rosia Montana Gold Corporation (RMGC) intends to develop at Rosia Montana the most modern mine in Romania from where it wants to extract some 300 tonnes of gold and 1,400 tonnes of silver.
The company was set up in 1997, in Alba County, with its shareholders being state-held mining company Minvest Deva – 19.31pct and Gabriel Resources – 80.69pct. If the gold-mining project were green-lighted, Romania would become Europe’s top gold producer and thus would exceed the top two countries, Finland and Sweden.

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