Borbely said the first meeting of the Technical Analysis Committee (CAT) will take place “sometime in January.”
Rosia Montana Gold Corporation (RMGC), a joint venture consisting of Canada’s Gabriel Resources and the Romanian state, is developing the mining project at Rosia Montana, in the western Romanian Apuseni Mountains, with projected costs reaching more than $1 billion. The company expects to extract 300 tons of gold and 1,700 tons of silver in 16 years.
Gabriel Resources owns 80.69% of RMGC, while the Romanian state (19.31%), through Minvest Deva, and other shareholders control the rest.
According to an official document obtained by MEDIAFAX, the Romanian Government is in negotiations with Gabriel Resources to increase the state’s stake in RMGC from 19.3% to 22.5%.
The private investor rejected the increase of royalties for gold mining and sharing control with the state, reads the document. They said they might accept an up to 22.5% increase in the state’s stake, provided Romanian authorities create a legislative frame meant to support mining companies, according to the source.
Billionaires John Paulson, Beny Steinmetz and Thomas Kaplan are some of the significant names behind Gabriel Resources.
The project is backed by President Traian Basescu, while many environmental NGOs have been protesting the project, which involves cyanide mining.