So say RMGC's articles of association of 2011, which replace the company's statute of 2000. The Economy Ministry, Minvest Deva's majority shareholder, has published several of RMGC's founding acts, with the amendments brought between 1997 and 2011. The ministry has not, however, published the license contract, which is classified and rests with the National Mineral Resources Agency (ANRM).
The new founding documents, signed in 2011, say Minvest Deva will relinquish its part of the dividends from RMGC's profit to Gabriel Resources, the majority shareholder, until the state-owned company will have paid its debt incurred from share capital raises.
In 2009, Gabriel Resources lent Minvest EUR26.55 million for its contribution to a share capital raise to 612 million lei (EUR144 million).
The Rosia Montana deposit contains an estimated 300 tons of gold and 1,600 tons of silver. The Government plans to raise the royalties on gold, platinum and silver extraction to 6% of the value of production, from 4%.
Minvest Deva was awarded the license for the Rosia Montana deposits in western Romania in June 1999, through a Government Decision. Minvest transferred the license to RMGC in October 2000, on the basis of its partnership with Gabriel Resources.
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