Romanian Econ Min-Designate Wants Rosia Montana Gold Mining Proj Renegotiated

„The plan is to renegotiate Romania’s stake in this projects as soon as things progress. I won’t be able to guarantee a certain percentage but I want this renegotiation for the benefit of the Romanian state and the state should have a say in this project’s development,” Videanu told lawmakers Tuesday.

He added a parliament commission has given a stance regarding the mining project.

„We will consider all the suggestions made during public debates and all court orders,” Videanu said.

Canada’s Gabriel Resources owns 80% of Rosia Montana Gold Corporation (RMGC), in charge of the mining project, while Romania owns a 19.3% stake, via state-owned mining company Minvest Deva, and other shareholders have the remaining 0.7%.

RMGC said in October the company’s share capital would be increased by 597.6 million lei (EUR1=RON4.2268), to RON612.6 million, with all shareholders keeping the same stakes.

Romania’s future governing program includes a reassessment of the Rosia Montana gold mining project in the western area of the country, based on local and international expertise, along with the creation of a national strategy for non-energetic mineral resources.

The gold mining project in Rosia Montana is highly controversial because of the environmental issues the investment would cause because it entails cyanide mining.

In 2008, when the country Environment Ministry was run by UDMR’s Attila Korodi, his party insisted the Parliament debated with urgency a draft law banning cyanide mining in Romania.