Romania’s Defense Council To Discuss Rosia Montana Gold Mining Project Based On Expertise

"I'm waiting for the results of the expertise. Anyhow, I won't be making this decision myself. The matter will be discussed in the Defense Council, based on the expertise," Basescu said.

Romania's government will lobby at the European Commission to approve the unfolding of the gold mining project in Rosia Montana, western Romania, as cyanide mining is the main problem with this project, officials close to the matter told MEDIAFAX last week.

Cyanide mining is the main problem regarding this project. The unfolding of the project depends on further approval by the European Commission," they said.

Romania's 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.

Romania's Economy Minister Adriean Videanu said during hearings in Parliament last week that he wants to renegotiate Romania's stake in the Rosia Montana gold mining project.

"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.

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=RON4.2099), to RON612.6 million, with all shareholders keeping the same stakes.

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