CORRECTED-Romania eyes 78 pct of revenues from delayed gold mine project

Thu Jul 11, 2013 4:40pm EDT
 
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(Corrects final paragraph to say "September 2014" instead of "September")

* $7.5 bln gold mine has been delayed for 14 years

* Government seeks bigger stake, higher royalties

* Planned mine faces fierce opposition

By Luiza Ilie

BUCHAREST, July 11 (Reuters) - Romania aims to bank as much as 78 percent of revenues from Europe's biggest open cast mine being developed by Canada's Gabriel Resources and will finish renegotiating terms of the long-delayed project by September.

Gabriel controls the project which aims to use cyanide to mine for a total 314 tonnes of gold and 1,600 tonnes of silver among a cluster of villages in the Carpathian mountains, known as Rosia Montana.

It owns 80 percent in local unit Rosia Montana Gold Corporation (RMGC) with the Romanian government holding the rest.

The mine has been stuck in limbo for years, waiting for a key environmental permit, but Prime Minister Victor Ponta promised his cabinet will ask parliament to vote on whether to give the 14-year-old plan the green light in the fall.   Continued...