Romanian President supports Rosia Montana project if the benefit sharing is renegotiated

Romanian President Traian Basescu 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. Traian Basescu brought as argument the development of the gold price over the last five years, and added that environmental protection must be well planned. Rosia Montana Gold Corporation develops the mining project in Rosia Montana, Apuseni Mountains. The gold and silver mining project in Rosia Montana has been opposed for years by NGOs who said such a project would destroy the area. In July, 2011, Gabriel Resources increased its ownership interest in the 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. Irina Popescu, irina.popescu@romania-insider.com