In the last quarter of 2012, Gabriel Resources had communication expenses of CAD3.4 million for Rosia Montana.
For the full year 2013, the Canadian company spent CAD13.44 million on communications and legal services related to the mining project in Romania, from CAD13 million the year before.
During the fourth quarter of 2013, the company increased communications and legal activity levels in response to the parliamentary review and these activities led to increased expenditure in the latter part of 2013, also affecting expenditure in the first quarter of 2014
A special committee of the Romanian parliament rejected in November the Government’s special draft law that would have allowed the gold mining project in Rosia Montana. The draft was then rejected by the Senate and then sent for a final decision to the Chamber of Deputies, which has yet to take a vote on the bill.
Gabriel Resources had financial reserves of CAD42.1 million at the end of last year. The company posted a fourth quarter loss of CAD0.5 million and a full year loss of CAD2.5 million.
In 2012, Gabriel Resources posted a loss of CAD2.53 million in the fourth quarter and CAD11.44 million for the full year.
Gabriel Resources’s short term goals include continued collaboration with the Romanian government, obtaining environmental permits for its Romanian project and the adequate management of its financial resources.
Gabriel Resources owns 80.69% in Rosia Montana Gold Corporation and the remainder is owned by Romanian authorities via Minvest Rosia Montana.
Gabriel Resources is owned by hedge fund Paulson & Co. (16%), controlled by U.S. billionaire John Paulson, the holding Electrum Global (16%), which invests in the gold industry, BSG Capital (16%), controlled by Israelu businessman Beni Steinmetz, renowned for diamond businesses in Africa, mining giant Newmont (13%) and hedge fund Baupost Group (13%), controlled by U.S. billionaire. the rest of the shares are traded on the stock market.