Gabriel Resources asks Romania for USD 4.4 bln damages

Canadian group Gabriel Resources, the parent company of Rosia Montana Gold Corporation, will ask for damages of USD 4.4 billion from the Romanian state at the International Centre for Settlement of Investment Disputes (ICSID) in Washington, for having blocked the Rosia Montana mining project. The Canadian company’s claims are based on the provisions of the investment treaty signed between Romania and Canada in 2009, which entered into force in 2011, according to Gabriel Resources. "For more than two decades, Gabriel has acted in good faith and complied with all legal and regulatory requirements, both of Romania and the European Union, in order to obtain the necessary permits for projects,” said Jonathan Henry, Gabriel Resources CEO. He explained that the company has committed to carry out an investment plan for the development of the Rosia Montana region. The company’s plan has always been backed by the support of people living in the area, he added. "The Romanian Government illegally blocked the Rosia Montana permit granting process and clearly disregarded the understanding between Gabriel and the state and the existing licenses.” The Romanian state blocked the gold mining project at Rosia Montana following massive street protests in 2013. editor@romania-insider.com