Antena 3 CNN Business The Roşia Montana scandal. Gabriel Resources filed a complained against Romania in Washington

The Roşia Montana scandal. Gabriel Resources filed a complained against Romania in Washington

The Roşia Montana scandal. Gabriel Resources filed a complained against Romania in Washington
23 Iul 2015   •   16:28

Gabriel Resources has filed a complaint on Romania with the International Centre for the Settlement of Investment Disputes of the World Bank, the Washington-based institution in connection with the dispute over the RMP and seeks compensation for losses arisen from the project’s blockage, Mediafax reports.

The company has submitted a request for arbitration in accordance with the bilateral international treaties of investment protection concluded between Romania and the governments of Canada, Great Britain and Northern Ireland, reads a release of Gabriel Resources.
The action is linked to the company's dispute against Romania related to the gold and silver exploitation project from Rosia Montana, where Gabriel has an indirect holding of 80.69%, and against violation of the protections provided by the Romanian Government in the treaties, the statement said.
The project was and is regarded inside and outside Romania as one of the most important foreign investments in the country, with the potential to give a significant boost to the Romanian economy as a whole and stimulate the growth and development of the Western Region.
The company has always been strongly committed to the project development. Gabriel Resources is still sure that the construction of the mine using the current technology will demonstrate the major project benefits, including to the environment and protection of the cultural inheritance of Romania, Gabriel Resources says.
"However, by its actions and inactions, Romania has blocked and prevented the implementation of the project without the necessary procedures and without compensations, effectively depriving Gabriel of the entire investments value. Romania has subjected Gabriel and its investment to a treatment that violates the obligations provided by bilateral investment treaties, causing significant losses to the company, "the statement said.

In the request for arbitration, Gabriel wants to obtain full payment of the compensations provided for by the Treaties, for the deprivation of the right to develop the project, due to violation of the treaty by Romania.
The arbitration proceedings were launched by the Company following the issue of a notice of dispute addressed to the President, the Prime Minister and the government on January 20, 2015.
Through this notice Gabriel invited Romanian authorities to discuss and find an amicable solution.





Despite the new letters sent by Gabriel Resources in April and May, the Romanian authorities have not yet replied.

Gabriel Resources continues to seek a high level of commitment on the part of the Romania authorities to settle the dispute.
On the other hand, the company is fully committed to protecting its rights and interests in Romania and in the absence of availability for dialogue of Romanian authorities, Gabriel has no alternative but to resort to arbitration.


"The company still believes that the interests of shareholders of the project, especially of the Romanian state will be best served by its approval and development and Gabriel continues to want talks with President of Romania and the Government to achieve this. If it becomes reality or not, depends entirely on the Romanian politicians, to demonstrate commitment to the project and the mining industry in general, "said Jonathan Henry, President and CEO of Gabriel Resources.
Gabriel Resources contracted the company White&Case for consultancy in this case.

On June 30, 2015, Gabriel had cash and equivalent reserves of 32.1 million dollars.

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