Company hopes to start developing gold mine in Romania in 2014

Tue Nov 12, 2013 1:05am EST
 
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BUCHAREST Nov 12 (Reuters) - Rosia Montana Gold Corporation, owned by Canada's Gabriel Resources, said it hopes Romania's parliament will approve general mining legislation fast, which would enable it to build Europe's biggest open cast gold mine in a small Carpathian town.

A special Romanian parliamentary commission overwhelmingly rejected a draft bill on Monday that would have allowed the mine project specifically to move forward.

"We appreciate the commission's conclusions which recommend completing the current legislative framework in Romania," RMGC said in a statement.

"We are awaiting the fast approval of the general legislative framework so that the development of the Rosia Montana mining project could start in the first part of 2014."

Gabriel has been waiting 14 years for approval to use cyanide to mine about 314 tonnes of gold and 1,500 tonnes of silver in the town of Rosia Montana in Transylvania. The state also holds a minority stake in the mine.

The draft, which triggered countrywide protests against the mine with weekly protests staged in the capital Bucharest and some other cities, prompted the government in September to set up a commission to assess the bill.