“The Economy Ministry is in negotiations to increase Minvest Deva’s participation of 19.3% in the Rosia Montana Gold Corporation, while ANRM is currently talking to gold mining and exploration license holders about raising gold royalties,” said Patruti.
He added that ANRM has already prepared an act raising the royalties, but the price of gold is still fluctuating on international markets, so it will wait for a moment of stabilization.
In August, the Finance Ministry presented a draft ordinance raising the royalties on gold, platinum and silver extraction to 6% of the value of production, from 4%. The new royalty will also be charged to production of coal, metal ores, aluminum and aluminous rocks, radioactive metals, rare earths, precious and semi-precious stones.
The mining law of 2003 provided a royalty of 2% on these mineral products, raised to 4% in 2009.
The Finance Ministry expects this raise to bring an extra 117 million lei (EUR27.11 million) to the state budget this year, and RON1.1 billion in the next four years.
The most important gold deposit in Romania is located in Rosia Montana, Alba county, and is leased to the Rosia Montana Gold Corporation (RMGC). The deposit is estimated to contain around 300 tons of gold and 1,600 tons of silver.
Canadian company Gabriel Resources owns 80.46% of RMGC’s share capital. Romania owns 19.31%, through Minvest Deva.
(EUR1=RON4.3144)