Romania will increase the royalties for gold, platinum and silver from 4 percent to 6 percent of the value of production, according to a draft from the Ministry of Public Finances, which modifies the Fiscal Code. The state hopes to get EUR 27 million to the budget this year through the new increase and aims for EUR 260 million for the next four years.

The 6 percent royalty will also be applied to coal, aluminium, precious and semiprecious jewels. The mineral Law in 2003 featured a 2 percent royalty for these minerals, and the royalty increased to 4 percent in 2009.

Romania's biggest gold field is in Rosia Montana, in Alba county, and has been licensed to Rosia Montana Gold Corporation. The field there has been evaluated at some 300 tonnes of gold and 1,600 tonnes of silver.

The Rosia Montana gold mining project has recently made headlines in Romanian and international media, as the Romanian president Traian Basescu has publicly said the project, which has been criticized for doing harm to the environment, should be started.

Rosia Montana Gold Corporation, where the Romanian state has 19 percent of the shares and private investor Gabriel Resources the rest, is currently awaiting the environment approval and hopes to manufacture the first gold bar from Rosia Montana in 2014.

editor@romania-insider.com

(photo source: Sxc.hu)