Rosia Montana Gold Corporation (RNGC), controlled by Toronto-listed Gabriel Resources, asked Romania to prolong its license for the Rosia Montana gold mining project by five years and urged the country to issue a license for a similar project (Bucium) required in 2007, according to Profit.ro.
Gabriel Resources reportedly obtained capital commitments of CAD 5.57 million (USD 4.06 million), scheduled for completion on May 23.
The company says it would use the funds to attempt to cancel ICSID’s ruling, prolong/obtain the mining licenses, and secure working capital.
Gabriel Resources recently lost a litigation launched against Romania at WB’s ICSID dispute centre, and it has to pay USD 10 million in legal fees to the country. It said it only has USD 1.5 million in its accounts and would spend the money by the end of May.
iulian@romania-insider.com
(Photo source: Salajean/Dreamstime.com)
