President Traian Basescu said last week, during a visit to Rosia Montana, that he supports the project, as “any country which has resources must use them.”
The mining project at Rosia Montana, in western Romania, will be developed by Rosia Montana Gold Corporation (RMGC), a joint venture consisting of Canada's Gabriel Resources and the Romanian state, with projected costs reaching more than $1 billion, through which the company expects to extract 626,000 ounces of gold per year for five years since the launch of the mine. An ounce of gold weighs 31.1 grams.
Gabriel Resources owns 80.46% of RMGC, while the Romanian state (19.31%) and other shareholders control the rest.
Romania’s gold reserves, as estimated by the companies which exploit the country’s gold deposits, reach about 700 tons, and silver resources are estimated at 2,000 tons, Alexandru Patruti, president of the National Agency for Mineral Resources (ANRM), said Thursday.
Patruti highlighted that information about the country’s total gold reserves is classified.
One of Romania’s biggest gold and silver deposits is the one in Rosia Montana, estimated at about 300 tons of gold and 1,600 tons of silver.
The Romanian Government plans to raise the royalties on gold, platinum and silver extraction to 6% of the value of production, from 4%.
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