Gabriel Resources currently owns 80.69% of RMGC, a joint venture between Romania and the Canadian company, set up to carry out the Rosia Montana gold mining project in central Romania.
The remaining 19.31% stake is controlled by the state, through company Minvest.
“Gabriel Resources noted the reported statements made by Romania’s Prime Minister Victor Ponta regarding the inclusion of the Rosia Montana project in the National Plan for Strategic Investment and Job Creation,” the company said in a press release Friday.
The Rosia Montana gold mining project, which has been on halt for several years because of environmental concerns entailed by cyanide mining, has been included in the Government’s national investment plan presented Thursday.
Ponta said Thursday negotiations regarding the mining project would be completed by September and works would start if the Parliament approved the bill the Government would put forward.
“We want to push on with the project, but a decision rests with the Parliament,” he added.
According to the plan, the Government aims to protect the Romanian patrimony and increase the state’s profit share from the project to 78%.
“The company is highly encouraged by the inclusion of the project in the plan but remains in advanced discussions with the Romanian Government on a level of Romanian State equity participation in the project and a royalty rate for gold and silver sales,” Gabriel Resources said.