Romanian President says Rosia Montana gold to fuel BNR coffers, announces two new gold mines

Romania's share of the gold extracted from the future Rosia Montana mining project will have to go to the Romanian Central Bank's (BNR) reserves, according to Romanian President Traian Basescu's statement during a show at state-owned television channel TVR. Basescu also said he hopes that this reserve will increase in the coming years from 103 tonnnes to over 200 tonnes. Thus, according to Traian Basescu, Rosia Montana operation must begin, also because this mining project will create new jobs. The Romanian President also noted that in the next period, the Romanian state will open two new gold mines, operated by Romanian companies, which together have over 100 tonnes of gold. He didn’t specify the exact location of these mines, but he added that they are on the "national territory". Also, the President said that one of the fields would contain about 50 tonnes of gold and the other 54 tonnes, and both will be exploited. In July, 2011, Canadian company Gabriel Resources increased its ownership interest in the Rosia Montana project to 80.69 percent through the acquisition of a minority shareholding for a net cash consideration of USD 1.15 million. Minvest S.A., a Romanian state-owned mining company, holds the remaining 19.31 percent interest. Traian Basescu has recently said that he supports Rosia Montana mining project because Romania needs it, “but if the benefit sharing will be renegotiated”. The President added that this project can’t be started without the European Commission’s ok. Irina Popescu, irina.popescu@romania-insider.com (photo source: Romanian presidency)