In English the soul concept is derived from old nordic and old Germanic sources.
The earliest meanings of Soul in Old English first referred
to animate existence. Later was incorporated into the principle of life
in man or animals.
In later English soul was established as referring to "the principle of thought and action in man".
Soul also referred to the corresponding or analogous principle in animals.
By about 1499 the concept of soul had taken on a number of
meanings referred to as methaphisical "the vital, sensitive or rational
principle in plants animals or human beings".
from
"Psychic Sexuality the bio psychic anatomy of sexual
energies " by Ingo Swann
Company is seeking $4.4bn in compensation for alleged losses related to
its Rosia Montana gold and silver project, which Romania refused to
approve following relentless protests.
Gabriel Resources (TSX-V:GBU) will have to wait until late next year
to find out whether Romania will have to pay it $4.4 billion in alleged
losses related to the company’s Rosia Montana gold and silver project,
which the government of that country refused to approve following
relentless protests.
The miner said the suit, filed last year at a World Bank’s tribunal,
was met with a counter claim from Bucharest in February and a second
one in May, which objected the company’s rights to utilize the United
Kingdom-Romania bi-lateral investment treaty as a basis for its claims
before the bank’s International Centre for Settlement of Investment
Disputes (ICSID).
In light of the new developments, Gabriel Resources now expects the
hearing on the merits of its claim to take place three months later than
originally anticipated, in December 2019
LONDON, April 8, 2019 /CNW/ -- This is a story that began over 2,000 years ago when the Romans uncovered $16.8 billion
in gold...Using only hammers and buckets. And more recently, in a small
town near the heart of this treasure trove. Miners may have identified
even more. Mentioned in today's commentary includes: Kinross Gold Corporation (NYSE:KGC), Agnico Eagle Mines Ltd (NYSE:AEM), Yamana Gold (NYSE:AUY), Eldorado Gold Corp. (NYSE:EGO), First Majestic Silver (NYSE:AG).
#1 Re-Discovered $13 Billion Romanian Treasure
The Ancient Romans excavated $16.8 billion in gold from this area of Romania, minting coins that were scattered across an empire 11 million square miles in size.
The problem? Acquiring permits can be labor-intensive and sometimes impossible, thanks to EU regulation. Back when permits were available, Barrick Gold, the world's most valuable gold miner, got in on the action: the company pumped in $20 million to develop Rovina.
Now Rovina is owned by Euro Sun… and Euro Sun has done the
impossible... it just got its hands on a mining permit. The Rovina mine
has been classified as a "highly scalable" asset, with an immense growth
potential, according to Cantor Fitzgerald.
Mines like Rovina are hard to come by, even though the area is rich in ore. And Euro Sun
(ESM, CPNFF) has gotten around its toughest problem – acquiring the
licenses it needs to start developing Rovina's full potential. A resource statement from 2012
offers a view of the potential riches: 400 million tons of ore in three
bodies, roughly 7.1 million ounces of gold and a billion and a half
pounds of copper, or 10.1 million ounces of gold equivalent.
In February 2019, Euro Sun completed
its Preliminary Economic Assessment (PEA) for Rovina. The mine looks
ready to produce an average gold equivalent of 139,000 ounces and 1.6
million over twelve years. All told, the company is looking at $9.3 billion in gold and $4 billion in copper… a total haul of $13.3 billion.
#2 When Gold Moves a Little, Little Miners Move Hundreds of Percent
Analysts are optimistic that prices should continue to climb, potentially exceeding $1400/ounce,
due to declining gold stores. Right now, gold stocks are trading cheap,
as they have been since January. But one thing that investors and
speculators often forget, is how explosive gold-stock upside is when
gold moves higher. And, when gold goes up, gold companies tend to do
very, very well.
Every 1% move in gold can send a small miner up 10% or more... And a
10% move can send a small miner up 100% or more. Back in 2016, gold
prices jumped 26% in 6 months… and gold miner returns were stellar.
Mid cap miners such as Endeavour Mining Corp gained 196% in 6 months, while its Ontario based competitor IAMGOLD gained 256% in that same timeframe.
But some of the real winners were the shareholders of small cap miners.
Argonault Gold's share price jumped 298% in 6 months, and its peer Great Panther Mining saw its share price even jump by a whopping 340% in no more than 4 months after it reported a 19% in gold production. #3 Speculation: Euro Sun to be Acquired by Chinese Soon? China Just Spent $1.4 Billion Down the Street. China is making a big global investment push, as part of its $900 billion "Belt and Silk Road" initiative. Chinese investment along the road is surging, covering 68 countries. China wants to acquire assets along the Silk Road route—gold, silver, copper, and more—and that route runs right through Romania. And the Chinese have just paid $1.4 billion to acquire another mining asset in the area. China's nearby acquisition could also take years to fully license. And Euro Sun (ESM,CPNFF), on a site with ZERO ancient ruins is even better positioned for a multi-billion dollar payday.
The Rovina mine is fully licensed. It's poised to become one of the biggest gold and copper mine in Europe. It's right next to a major Romanian mining town of Brad, which has already excavated $17 billion in gold in the last 100 years.
Euro Sun’s stock jumps after financing announcement for Rovina gold project in Romania
Toronto-based junior Euro Sun Mining’s (TSX: ESM) stock jumped over
20% on Tuesday after the company announced a non-brokered private
placement financing of up to 10m units for gross proceeds of up to C$3
million.
Each warrant will entitle the holder to acquire one additional common
share of the company at an exercise price of C$0.50 for a period of 24
months from issuance.
The Rovina Valley Project covers 27.7 square kms in west-central
Romania, about 300 km northwest of the capital city of Bucharest. The
historic mining district known as the “Golden Quadrilateral,” is one of
the largest gold-producing areas in Europe, where it is estimated that
more that 55 million oz of gold have been produced since the Roman
period.
The measured and indicated mineral resources are 10.8 million ounces
of gold equivalent. In addition to key permitting activities, the
company is completing an optimized mine plan which will form the basis
of a new PEA, expected to be completed by the end of Q1 2019.
Late afternoon Tuesday, Euro Sun’s shares were trading at C$.30 on the TSE.
The extreme recent moves in the price of
gold have given investors whiplash. Gold fell in April from $1,599 an
ounce to $1,348, before rebounding to a recent $1,470. Not surprisingly,
this market upheaval has hit companies that mine for gold particularly
hard, with shares in companies like
Barrick GoldABX +0% and
Kinross GoldKGC +0% getting hammered and then bouncing back a little.
But no gold stock has traded quite like Gabriel Resources, a company
listed on the Toronto Stock Exchange that is trying to develop a gold
mine in Romania in which it owns a majority stake. When gold experienced
its massive sell-off over two trading days in mid April, Gabriel’s
stock fell by more than 35%, which included a 29% drop in a single day
to C$1.39 per share. Then this past Friday, shares of Gabriel staged a
stunning comeback, rising 29% in another remarkable day of trading.
After falling 2% on Monday, shares of Gabriel were trading hands for
C$1.68, compared to C$2.15 on April 11th.
The volatility of this small gold stock has a disproportionate impact
on the investment world because of its very high profile backers. Three
prominent billionaire investors have for years held big stakes in
Gabriel. John Paulson,
the hedge fund manager who pulled off the greatest trade ever betting
against subprime mortgage securities, is the largest owner of Gabriel,
owning a 16% stake through his hedge funds. Seth Klarman, the most revered value investor of is his generation, owns a 13% stake through his Baupost hedge fund. And Thomas Kaplan, the billionaire New York investor, personally owns a 15% stake in Gabriel through his Electrum Strategic Holdings.
Even after the recent rebounded, Gabriel’s stock is still down 27% in
2013. That means, for example, that Paulson’s Gabriel shares are now
worth some $100 million, representing about $30 million in paper losses
in 2013. Those paper losses had reached $60 million or so only days ago.
All three of these big investors, Paulson, Klarman and Kaplan, are
still above water on their investment since they first started
accumulating shares in Gabriel a few years ago, when the stock was even
cheaper than it’s now.
LONDON, April 9, 2019
/CNW/ -- After a rough 2018, gold stocks are set for a rebound. Prices
began to bounce back in late 2018, as uncertainty in the market brought
investors around to gold as a useful hedge. Mentioned in today's
commentary includes: Barrick Gold Corp. (NYSE:GOLD), Newmont Mining
(NYSE: NEM), Kirkland Lake Gold (NYSE:KL), Rio Tinto (NYSE:RIO), Wheaton Precious Metals Corp. (NYSE:WPM).
Gold stocks were depressed for years. But now, worries about dwindling gold supplies—"peak gold"—and the low prices of gold stocks have investors interested again, sending prices up above $1300 per ounce.
Goldman Sachs predicts only twenty years
of gold left: "We found it all!" cries one gold miner. And with market
uncertainty lingering, on the back of Brexit, the US-China trade war and
signs of an economic slowdown, it's likely that gold will continue to
gain.
With that in mind, here are 5 gold stocks to add to your ledger #1 Barrick Gold Corp. (NYSE:GOLD)
The world's most valuable, and profitable, gold miner made a big move
this year, attempting a take-over of rival Newmont Mining The
announcement came out of nowhere, and if it had gone through would have
seen some $17.8 billion change hands.
The deal fell through, but there was a silver lining: the two companies agreed to partner up to exploit a potential find in Nevada, with a two-thirds share for Barrick. The joint venture is expected to unlock nearly $5 billion over the next twenty years. That's good news for Barrick, which is already the biggest name in gold mining.
Last year Barrick reported 4.5 million ounces in gold. Nevada could yield 76 million ounces, providing for both Newmont and Barrick and all, as Barrick's CEO Mark Bristow put it, "without issuing a single stock."
Buoyed by the news of a potential takeover, Barrick's stock has been soaring, gaining 9.4% in the thirty days before March 26. Analysts put the company's short-term value at $14.34,
representing gains of more than 50% since September. So even without
Newmont in its ledger, Barrick should enjoy a strong year, particularly
as calls of "peak gold" echo around the market. #2 Euro Sun (ESM, CPNFF)
A tiny company has made a big acquisition…and it's right out of the
history books. An ancient Roman gold mine deep in the forests of Romania. And Euro Sun Mining Inc. has the means to get it kick-started. The scale of this resource is immense: the Rovina Mine, once it's up and running, will be the 2nd biggest gold mine in all of Europe: 400 million tons of ore, yielding 10.1 million ounces of gold equivalent. Profits from this find are estimated at $550 per ounce…for a total haul of $5.5 billion over the mine's lifetime.
What makes Euro Sun so special? Well, there are actually HUNDREDS of mines scattered across Europe.
Many of them were left over from Roman times, but still contain
hundreds of millions of tons of accessible ore. The problem is with
licensing: inside the European Union, it can be insanely difficult to
get the necessary licenses.
Rovina was built up over time; at one point, Barrick sank $20 million
into the project. But the mine's owners couldn't get the necessary
licenses and had to abandon the find. That's when Euro Sun swooped in
for the kill. The company took its time to get the necessary permits,
and the mining license from the Romanian government was obtained in November 2018 (The First Romanian Mining Permit Since 2003).
It's no wonder that GMP noted
Rovina has "robust economics and upside…If another ounce is never
found, Euro Sun already owns a potentially extremely robust project."
GMP's estimate has been upheld by Cantor Fitzgerald, which completed
its own estimate in early 2019. The deposit at Rovina "carries strong
economics on a standalone basis." The only thing holding Euro Sun back
is the dismal state of small mining stocks.
Cantor Fitzgerald puts Euro Sun's short-term target at $2.10. That's a 218% increase from its current price. And GMP goes even further: they reckon Euro Sun is worth $3.00, an increase of 355%.
The company's stock leapt up by 20% after one small announcement. And
more goods news, or activity on the gold market, could send it up even
higher.
The Chinese have already put some serious money into mining, laying down $1.4 billion to acquire a nearby asset with none of the qualities Rovina can boast. It could be no time 'till Euro Sun (ESM, CPNFF) gets snapped up. #3 Newmont Mining (NYSE: NEM)
Newmont is making big moves: it's about to take over rival Goldcorp,
forming a new firm that could rival Barrick in size. Newmont made the
announcement in January, part of a slew of M&A deals among the gold
miners, taking advantage of depressed valuations. And while the
Newmont-Barrick merger seems dead, the purchase of Goldcorp looks like a
sure thing.
The news comes on the heels of Barrick's attempted acquisition of
Newmont, a deal that fell through. But Newmont seems better off. It's
earned a one-third share in the joint venture launched with Barrick in Nevada, a deal that could yield $5 billion over twenty years.
In 2018 Newmont announced that "first gold" had been produced at its Merian mine in Suriname, South America.
The mine contains reserves of 1.5 million ounces and annual production
is expected to average between 400,000 and 500,000 ounces during the
first five years. And news of the Goldcorp deal is sending the stock
higher.
Amidst a positive M&A atmosphere in the gold world, this purchase could be the biggest of all. #4 Kirkland Lake Gold (NYSE:KL)
This major gold miner is valued at more than twice Barrick or
Newmont…and with good reason. Kirkland posted some big numbers for last
year, reporting 724,000 ounces of gold produced and exceeding its
quarterly production record by 28%.
Unlike other major miners, which have assets scattered around the world, Kirkland is focused on Canada and Australia. Its portfolio makes it a low-risk, high-value stock, one that looks even more attractive after the good news from 2018.
Kirkland currently boasts a
Zacks ranking of #1. The Zacks Consensus Estimate for earnings in 2019
has risen 52%, and project four-year growth of 47%. And Kirkland doesn't
intend to slow down any time soon.
It has plans to expand operations in Canada and is sinking more than $100 million
into exploration, confident that "peak gold" predictions won't come to
pass. The company's Canadian workforce is set to grow by the thousands,
once a new shaft is sunk at the Macassa mine. #5 Rio Tinto (NYSE:RIO)
One of the world's biggest miners is also in the gold business…though you might not know it. Rio Tinto, the mining giant, made a huge discovery in February, uncovering what could be its next big copper-gold mine in Western Australia. The mine is part of Rio's $250 million
exploration program. Analysts predict the company will be able to scale
up its operation quickly, thanks to the company's ample resources.
Rio recently delayed production on a mine in Mongolia, pushing back the planned expansion from early 2020 to third quarter 2021, so the Western Australia
discovery comes at a good time. Like other gold stocks, Rio Tinto has
been ticking up this year, buoyed by concerns over market volatility and
helped along by the depressed state of the gold market coming in from
2018.
Rio has already been named the most innovative company according to
Boston Consulting Group, thanks in part to its high-tech min in Pilbara,
Western Australia.
Another company to consider as gold inches higher… Wheaton Precious Metals Corp. (NYSE:WPM)
Wheaton is a company with its hands in operations all around the
world. As one of the largest 'streaming' companies on the planet,
Wheaton has agreements with 19 operating mines and 9 projects still in
development. Its unique business model allows it to leverage price
increases in the precious metals sector, as well as provide a quality
dividend yield for its investors.
Recently, Wheaton sealed a deal with Hudbay Minerals Inc. relating to its Rosemont project. For an initial payment of $230 million, Wheaton is entited to 100 percent of payable gold and silver at a price of $450 per ounce and $3.90 per ounce respectively. Randy Smallwood, Wheaton's President
and Chief Executive Officer explained, "With their most recent
successful construction of the Constancia mine in Peru,
the Hudbay team has proven themselves to be strong and responsible mine
developers, and we are excited about the same team moving this project
into production. Rosemont is an ideal
fit for Wheaton's portfolio of high-quality assets, and when it is in
production, should add well over fifty thousand gold equivalent ounces
to our already growing production profile."
By. Meredith Taylor
Roșia Montană Project is a gold and silver mining project initiated by Roșia Montană Gold Corporation in Roşia Montană, Romania. If approved, it would become Europe's largest open-pit gold mine[1] and it would use the gold cyanidation mining technique. Currently, the project is on-hold awaiting a parliamentary decision.
The benefits of the state consist of 20% of the shares owned by
the publicly owned company Minvest Deva and the 6% royalties of the gold
and silver extracted not taking into consideration other valuable
metals such as Wolfram, Uranium, Tellurium, Germanium, Titanium,
Molybdenum, Vanadium, Nickel, Chrome, Cobalt, Gallium, Bismuth, Arsenic
or the Potassium-Feldspar. a Romanian company established in 1997, in
Alba County, based in Roșia Montană, whose shareholders are the State-owned mining company Minvest Deva - with 19.31%, Gabriel Resources – with 80.46% (listed on the Toronto Stock Exchange (GBU symbol)) and other minority shareholders – with 0.23%.
The project met a significant resistance from environmental groups and from neighbouring European countries,[2][3][4][5][6] culminating in the nationwide protests by thousands of people across the country since September 2013.
A number of locals refuse to sell their properties to the Roșia
Montană Gold Corporation and, in order for the project to commence, the
state would need to exercise eminent domain.
Frank Timiș, a Romanian-born Australian, founded a company, Gabriel Resources, in the Channel Island of Jersey in 1995.
Timiș negotiated with the Romanian state and, in 1996, they
signed a contract with state-owned Regia Autonomă a Cuprului Deva for
the creation of a joint venture (Eurogold Resources) for the
exploitation of auriferous residues from previous exploitations.[7][8][9]
Gabriel Resources was allowed to have 60% of the shares in the new
company but, in a new protocol a year later, the Gabriel Resources stake
was increased to 80%, while state's participation (through Minvest) was
reduced to 18.8%,[9] while being still allowed to exploit just around the existing mine.[7] The company was renamed "Roșia Montană Gold Corporation" in 1999.[7]
The extraction licenses owned by state-owned Minvest Deva were transferred to the joint venture[8] following a call by Minister of Industries Radu Berceanu in a letter that has since disappeared.[10] Between 1999 and 2000, the operating perimeter was increased from 12 km² to 20 km² and later 42 km².[7]
In 2000, RMGC paid $20 million for a pre-feasibility study (done by American company Pincock Allen & Holt[9]) which resulted in an estimate of 8 million ounces of gold.[8]
The company claimed to invest $250 million (raised from the stock
market, banks and mutual funds) and it promised that within three years
the project would create 25,000 jobs.[8]
The Social Liberal Union has drifted away from its platform prior
to the parliamentary elections and the Government approved a draft law
regulating the conditions of participation, passing it to the Parliament
for debate. This has sparked massive spontaneous protests still ongoing
(see 2013 Romanian protests against the Roșia Montană Project)
and the presidential candidate Crin Antonescu unexpectedly declared in a
press conference that in his opinion the project should be rejected.
The Prime Minister Victor Ponta has also digressed claiming that the
Government has approved the bill to prevent being sued for compensations
and the Parliament will definitely vote against it closing the subject.[11][12] Following this development, the Gabriel Resources shares have plummeted.[13]
Gabriel Resources, the Canadian majority owner of the project, ran a
geological survey in 2000, which gave an estimation of 330 tons of gold
and 1600 tons of silver in the four mountains surrounding the town of
Roșia Montană, if the exploitation would use blasting and cyanide
extraction.[14]
The project would grind a large quantity of rock: 218 million
tons according to the technical file of the project or 262 million tons
according to the project memorandum,[15] resulting a dust having particles with a diameter between 74 and 150 micrometres.[15] The dust would be leached with cyanides
in order to extract the gold; due to the small diameter of the
particles, the resulting sludge would have a large quantity of cyanide
compounds: according to RMGC estimates, about 500 tons, out of a total
of 214.9 million tons of sludge.
The sludge would be deposited in a 45-hectare tailings pond, which would be built on the valley of the Corna River, requiring a dam 600 metres wide and 185 metres high[15] and changing the course of river.
Roșia Montană Gold Corporation claimed that the pond would be safe from infiltration due to the impermeableclay
formations on the hillsides. This was disputed in a 2013 report by the
Geological Institute of Romania, which claimed that the company ignored
the real geological context as the left hillside is made of highly
porous sandstone.[15]
The Institute argued that the valley cannot be used safely to deposit
such a large quantity of tailings and proposed as a solution the
reduction of the quantity of tailings through a flotation process combined with porosity sealing of the bottom of the pond.[15]
The Geological Institute also voiced concerns that the method of exploitation would lead to the loss of large quantities of germanium, tellurium, arsenic, lead and zinc.[15]
The existence of notable quantities of copper, lead and zinc in the ore
would lead to an increase in the usage of cyanide, a lower recovery
rate for gold and silver, as well as leading to sulphocyanide-rich
sludge. The company denies the existence of metals in notable
quantities, which is contradicted by the Geological Institute.[15]
In October 2013, during the hearing at the Senate, Ștefan
Marincea, the President of the Geological Institute, accused his
predecessor of signing a notice saying there are no fault lines in Roșia Montană, which Marincea contended is false and that there are many fault lines in the area.Marincea also argued that changing the course of the Cernea river is
not possible because of the springs on the bottom of the Corna Valley.
Opposition to the project was originally organized by Eugen David, a
local farmer who refused to sell his land to Roșia Montană Gold
Corporation.[1] He was among the founders of "Alburnus Maior", an association of activists bearing the Roman name of the town.[1] David gained the support of Teddy Goldsmith, an Anglo-French environmentalist and of Swiss-born journalist Stephanie Danielle Roth, who moved to Roșia Montană to help David's quest.[1]
With help from Stephanie Danielle Roth, David's group was able to obtain grants from international NGOs (including George Soros's Open Society Institute)
and to raise the issue of the mine on national level by organizing a
hearing with 40 Romanian NGOs, including sections of international
organizations such as Greenpeace.[1] Alburnus Maior gained support from British actress Vanessa Redgrave, who, when receiving a prize at the Transilvania International Film Festival, she used her acceptance speech to bring the issue of the project, which led to coverage in the international press.[1]
A number of organizations and groups opposed the project, including a group of 83 Romanian professors of economics,[18] a group of artists and intellectuals (among which Horia-Roman Patapievici, the head of the Romanian Cultural Institute) who published a letter in The Guardian in 2006[19] and a number of international archeologists who voiced their concerns over the destruction of the area's unique Roman mines.[18] The major churches of Romania, the Romanian Orthodox Church, the Roman Catholic Churcha and the Greek-Catholic Church, oppose the project, as does the Romanian Academy.
On 1 September 2013 thousands of Romanians protested against the
project in dozens of cities across the country, the protests continuing
the following days in Bucharest.
Major issues regarding the environmental impact of the Roșia Montană Project regard the usage of cyanides, as well as the practice of open-pit mining,[1]
which would require the usage of a large area, including four
mountains, which would, according to the opponents, "be turned into a
desert".[14]
The usage of cyanides has been a contentious issue, especially
due to the fears of spillage into rivers and the groundwater. This fear
was augmented by the precedent of another gold mining company in
Romania, which similarly promised a state-of-the-art, self-contained,
environmental-friendly project, having a dam burst (see 2000 Baia Mare cyanide spill) and the cyanide-laced water of the tailings pond flowed into the Danube,[1] leading to one of Europe's biggest environmental disasters.
The company claims that the local area has been polluted by 2000 years of bad mining techniques and that its environmental-impact analysis shows that the project will help restore the environment.[14] The analysis was however called as bad science
by a government panel in Hungary, which claimed that its data is
"insufficient, deficient, inaccurate or not considered to be
representative".[14]
Since Romania joined the EU, mining in Romania is now subject to
strict regulations regarding cyanide concentration. The Rosia Montana
mine complies with these regulations and its cyanide concentration will
be 20 times less than that of the Baia Mare mine.
In order for the project to proceed, a number of archeological sites, as well as some historic buildings must be destroyed.
This includes large parts of the well-preserved 2000-year-old
Roman mine galleries, which have attracted talk of a possible nomination
to become a UNESCO World Heritage site.
The company attempted to get a $100 million loan from the World Bank in 2002, however the loan was canceled at the personal intervention of World Bank president James Wolfensohn.
The Roșia Montană Project has been widely accused by opponents, the
media and politicians as being corrupt. For instance, a Deutsche Welle
editorial said that the project "practiced bribery through professional
and systematic processes".[24]
The "Alliance for a Clean Romania", an NGO that fights corruption in
Romania called for the project to be canceled due to the
"non-transparent manner" through which everything was developed.[25] Politicians, both on the left and right sides of the political
spectrum, accused their adversaries of being bribed in order to support
the mining project. While in opposition, Social-Democratic leader Victor Ponta
opposed the project claiming that the Roșia Montană Project stalled
because "not all politicians can be bought like President Băsescu".[26] On the other side of the political spectrum, Democratic-Liberal MP Theodor Paleologu claimed to oppose the project due to "the corruption of politicians and journalists".In October 2013, Liberal Senator Sorin Roșca Stănescu accused Traian Băsescu of receiving bribes from RMGC over the Roșia Montană Project through an offshore bank account in Seychelles.
Gabriel Resources has a big advertising budget, receiving a
systematically biased favorable campaign media coverage from certain
newspapers and television stations.[29][30] The controversy includes commercials being withdrawn due to unbacked claims [31]
and Gabriel Resources employees heavingly spamming online editions of
media outlets and blogs with editorial oversight with favorable
propaganda using proxys when necessary.
The debate over the Rosia Montana mine project inspired four documentaries.
A short documentary, The price of gold, showing views of both sides was released in 2004.[33] Worthy persons like Ionel Haiduc, President of the Romanian Academy, Ioan Piso [ro], Director of the National History Museum of Transylvania in Cluj-Napoca, Ștefan Răgălie, General Director of Industrial Economics Department of the Romanian Academy, Corina Borș, archaeologist, etc. expressed their firm disapproval regarding the mining project.
The controversies surrounding the Roșia Montană gold mine project are explored in a documentary entitled Gold Futures [ro] by Tibor Kocsis.[34]
This film presented the plight of the anti-Gold Corporation residents
of Rosia Montana, with a strong emphasis on the cultural and natural
treasures of the area. The tourism attracted by the natural beauty and
tranquillity of this isolated spot of the world is presented versus the
risks of using huge amounts of cyanide in the gold ore processing. Gold Futures
was based on Kocsis' previous multiple award-winning documentary on the
subject entitled: "New Eldorado. Gold. The Curse of Rosia Montana."
More recently a new documentary partially funded by Gabriel Resources, Mine Your Own Business,
asserts that environmentalists' opposition to the mine locks people
into poverty. The film claims that the majority of the people of the
village support the mine, and the investment. The film presents foreign
environmentalists as alien agents opposed to progress while residents
are depicted as eagerly awaiting the new opportunity.[36]
In 2012 the director Fabian Daub released an hour-long documentary about the story of Roșia Montană.[37]
In November 2013, the freelance journalist Mihai Gotiu launched his book „The Roşia Montană Affair” („Afacerea Roşia Montană”).[38]
The author followed the unfolding of the project at Roşia Montana for
the last 11 years, and the book presents his findings, including
internal documents of the Roșia Montană Gold Corporation, diplomatic
mail, and other documents that suggest lobbying strategies and pressures
from important figures in Washington, London, Brussels or Bucharest.
Stock Exchange
Canadian mining company pursued by Romanian prosecutors
Gabriel’s subsidiary probed for money laundering and tax evasion in Romania
Rise Project, a member of the Organized Crime and Corruption Reporting Project (OCCRP), reports (Romanian language)that
RMCG paid over US$300,000 to Kadok Interprest SRL, a firm that
prosecutors say is a phantom company used by an organized crime network
based in the Romanian city of Ploiesti.
The news outlet adds that prosecutors discovered the payments in an
investigation into the “Păvăleanu network,” which resulted in the arrest
three weeks ago of Marcel Păvăleanu, an advisor to the Romanian
government.
Gabriel’s chief executive officer, Jonathan Henry, told Bloomberg
that no employee or manager at the unit has been targeted and that the
company is “cooperating fully” with the local authorities.
The criminal investigation is the latest of a series of setbacks
Gabriel Resources has suffered on its flagship gold and silver project
of Rosia Montana. For the last year, and with more intensity in the last
three months, Romanians have been protesting what they say is an
environmentally risky project and a larger problem of political
corruption.
Last November a Romanian parliamentary committee rejected the project, forcing Gabriel to push it back several more months, and upping costs to about $1.5 billion.
Meanwhile a group of environmentalists sent Thursday an open letter to Canada’s Foreign Affairs Minister
and members of parliament, demanding the prompt introduction of
legislation to make local firms, particularly extractive industry
corporations, accountable for proposed projects and actual operations
abroad. The group has also requested Ottawa to withdraw its support for
Gabriel Resources’ project.
The Canadian miner has already spent more than $500 million on the
project in a region of Transylvania where mining dates back to the first
century, since it first acquired the concession in the late 1990s.
Gabriel Resources subsidiary Rosia Montana Gold Corp. being pursued by Romanian prosecutors
A subsidiary of Gabriel Resources Ltd., a Canadian company that wants to build Europe's biggest open-cast gold mine in Romania, is facing criminal court proceedings in that country.
A criminal prosecution against Rosia Montana Gold Corp. (RMGC) is being pursued by the prosecutor’s office near the Court of Appeal of Ploiesti, according to Gabriel Resources president and chief executive officer Jonathan Henry.
Whitehorse-based Gabriel Resources wants to build the mine on a 2,400-hectare site in the mining region of Rosia Montana, a group of villages located in the picturesque Western Carpathian Mountains (also known as the Apuseni) about 430 kilometres northwest of Bucharest.
The company proposes to use cyanide in the gold extraction process. Protests both for and against the mine plan have continued for more than a decade, and the government has not yet approved the project.
Henry
told CBC News the Romanian prosecutor “has ordered the extension of the
investigation and the commencement of criminal prosecution against all
companies” that did business with a firm called Kadok.
“This
case is about a company we purchased goods from being subject to
criminal prosecution for money-laundering activities,” Henry said in an
interview.
Rosia Montana Gold Corp. ordered approximately $300,000 worth of clothing from Kadok, according to Henry.
“I
don’t have specifics of the particular type of clothing; I don’t think
it is relevant,” he said, adding that the clothing is related to the
mining company’s activities.
In a subsequent
email, Henry explained: “We are one of over 40 companies, all legitimate
businesses in Romania, that happened to do business with a group of
companies that was not paying taxes to the Romanian state.“
The Ontario Securities Commission said it is not able to comment on any specific matters.
In an email, the regulator said “reporting issuers have to disclose material information and material changes to the market.”
Henry
said Gabriel Resources has not been contacted by the Ontario Securities
Commission as late as Thursday. He said Rosia Montana Gold Corp.will
fully co-operate with the authorities.
Acquisition of a 29.41% interest in the Blueberry Project in the ‘Golden Quadrilateral’ of Romania
15 August 2018 Vast Resources plc (“Vast” or the “Company”)
Acquisition of a 29.41% interest in the Blueberry Project in the ‘Golden Quadrilateral’ of Romania
Vast
Resources plc, the AIM listed mining company with operations in Romania
and Zimbabwe, is pleased to announce the acquisition of an indirect
29.41% interest in the Blueberry Project, which hosts highly prospective
polymetallic mineralisation and is located in the ‘Golden
Quadrilateral’ of Western Romania (“the Blueberry Project”). The
“Golden Quadrilateral” hosts the prolific Baia de Aries gold mine, the
17.1Moz Rosia Montana Mine and 7.2Moz Rovina Valley Project.
Overview
Acquisition
of an interest of 29.41% in a brown field perimeter covering a total of
7.285km² in the ‘Golden Quadrilateral’ of Western Romania:
The
Blueberry Project is adjacent to the previously producing Baia de Aries
Mine, which operated until 2004 and is reported to have produced 20% of
the historical gold production from the Golden Quadrilateral
Historic
work across the perimeter area has demonstrated prospectivity for gold
and polymetallic mineralisation – sample values of up to 22.4g/t of gold
were obtained from historic soil sampling
Drilling programme
and assaying underway, which is anticipated to deliver sufficient
information to support an Inferred JORC Mineral Resource for gold and
other polymetallic minerals including silver, copper, lead and zinc in
one or more of several distinct breccia pipes
Following expiry
of the Exploration Licence over Blueberry Project the holder has the
right under the Romanian mining law subject to satisfaction of certain
conditions detailed below, to migrate this to an Exploitation Licence by
31 December 2018
Transaction structured to be
non-dilutive to Vast shareholders – initial acquisition to be satisfied
in new shares in Vast’s newly formed subsidiary EMA Resources Ltd
(‘EMA’) which will be financed at a project level
EMA to be
issued with an initial interest of 29.41% (as further set out below) and
the retention of this interest is conditional on EMA procuring funding
of $1 million by 31 August 2018 or such later date as the Vendors may
agree – the acquisition does not require any regulatory approval in
Romania
Intention for EMA to develop into a standalone
enterprise significant enough to justify an Initial Public Offering
(‘IPO’) targeted by the end of 2019
Pre-IPO costs expected to be funded by third party finance and no material cost commitment for Vast
Vast
to have management and control of the future mining operations, and
also over the exploration programme and the IPO process in consideration
of a fee equal to 10% of pre-IPO costs
Andrew Prelea, Chief Executive of Vast, commented:
“As
shareholders will be aware, my enthusiasm for and confidence in the
reinvigoration of the Romanian mining industry remains a central pillar
of Vast’s future growth strategy and I am delighted to present this
acquisition to shareholders. Due to the structure of this transaction,
Vast would benefit from the significant upside potential of developing
the Blueberry Project whilst safeguarding investors from significant
dilution.
“Work
has already started at Blueberry and we look forward to reporting the
results of drilling in the coming weeks in order to begin to give the
market a tangible sense of the size and quality of this significant
mineralised system in addition to our path to developing the project and
ultimately crystallising value for Vast shareholders through a proposed
IPO.”
Acquisition of Interest in the ‘Golden Quadrilateral’ of Romania
Vast
announces that its newly formed subsidiary EMA Resources Ltd (‘EMA’)
has contracted to acquire the entire share capital of the Romanian
company Blueberry Ridge SRL (‘BRL’) in consideration of an undertaking
by EMA to issue to the vendors (the ‘Vendors’) new shares which will
constitute 70.59% of the enlarged ordinary share capital of EMA. The
result, subject to a condition explained below, is that Vast will retain
29.41% of such enlarged capital subject to a possible reduction to
26.41% on account of the entitlement by Andrew Prelea, Chief Executive
Officer of the Company, to 10% of Vast’s share and as explained more
fully below.
BRL is
the holder of the Blueberry Project, an exploration licence over a brown
field perimeter of prospectivity with high gold in an area known as the
‘Golden Quadrilateral’ in the Metaliferi Mountains of Romania. This
licence, based on the exploration programme already completed, gives BRL
the right to convert the exploration licence into an exploitation
licence provided it complies with the requirements concerning this
process as set out tin the Romanian mining law. A summary of these
requirements is set out in the penultimate paragraph under ‘further
information’ below.
Vast
is of the opinion, based on the known geology of the Blueberry
Perimeter, the extensive historical mining activities and together with
the expected results of the exploration drilling now undertaken, that
the potential of EMA together with its subsidiary BRL will be such that
EMA may justify an IPO as a standalone enterprise.
Vast
has agreed with the Vendors to use reasonable endeavours both to manage
the process by which EMA achieves an IPO by 31 December 2019 and to
procure finance for EMA of up to $2 million which is the amount
estimated to be needed for pre-IPO costs, including repayment of a
proportion of the exploration drilling costs already incurred. Of this,
$1 million is to be raised by 31 August 2018 or such later date as the
Vendors may agree, satisfaction of which is a condition of Vast’s
retention of 29.41% of the enlarged share capital of EMA. Any shares
that fall to be issued to pre-IPO financiers will dilute the interests
of the Vendors and of Vast rateably.
Under
the agreement between Vast and the Vendors, a shareholders agreement is
to be drawn up under which one of the Vendors will have a seat on the
Board; there will be usual provisions concerning circumstances where a
unanimous decision of shareholders is required; but Vast will have
management control of the IPO process and of the direction of the
ongoing resource evaluation process and Vast will be entitled to a fee
equal to 10% of EMA’s pre-IPO costs.
It
is the intention that Vast will have management and control of future
mining operations which will be carried out through a gravity process
for the free gold and otherwise by a floatation process which will
separate out all the polymetallic minerals. It is not intended that
cyanide will be employed for the gold extraction. Metallurgical test
work to determine the optimal extraction method will be undertaken.
Further information on Blueberry
The
Blueberry perimeter of 7.285km² is a brownfield area of prospectivity
in the Golden Quadrilateral located in the immediate vicinity of the now
closed Baia de Aries mine. The Golden Quadrilateral has significant
areas of polymetallic prospectivity (copper, zinc and lead coupled with
particularly high gold and silver) and has been estimated to have
produced approximately 55 million ounces of gold in the past. Also in
the Golden Quadrilateral are Rosia Montana with a reported NI 43-101
Resource of 17.1 million ounces of gold and 81 million ounces of silver
(SRK Consulting - October 2012) and Euro Sun Mining’s, Rovina Valley
project with a reported 7.2 million ounces of gold and 1.4 billion
pounds of copper (AGP Mining Consultants – NI 43-101 – July 2012).
Mineralisation styles within the Blueberry perimeter
Mineralisation
is developed in the form of breccia ‘pipes’, polymetallic quartz –
carbonate veins and metasomatic replacement deposits on the lithological
boundaries between andesite, limestones and schists.
Within
the perimeter, a number of breccia pipe localities are indicated on
surface geological plans. These localities have been the subject of the
recent drilling programme. The breccia pipes occur as Phreatomagmatic
collapse and / or eruptive breccias and range in size from 20m – 150m in
diameter, with known depths of up to 1 000m. The breccia occurrences
take a quasi-circular form with a central dip direction suggesting the
presence of a deeper intrusive structure.
Polymetallic
sulphide bearing veins are developed adjacent to the breccia pipes in
areas of intense fracturing. The veins are typically 100m – 400m in
length, 50m -150m vertical extent and approximately 1m wide. Zinc and
lead are the main minerals with copper being subordinate. References to
44 veins are made to and documented in historical literature and maps.
Metasomatic
replacement deposits form either in the limestone lithologies or on the
boundaries between the limestones, andesites and schists.
Gold
mineralisation is more prevalent in the breccia pipes and occurs as
free gold or inclusions within sulphides. The area is a type locality
for sylvanite, a gold – silver telluride, which has been observed in
core from the recent drilling program. Further mineralisation takes the
form of auriferous pyrite whereby fine-grained gold is included in the
crystal lattice of the pyrite structure.
The gold
(dominant) and polymetallic (subordinate) mineralisation is spatially
associated to the andesite intrusive structures with hornblende ±
pyroxene (Afiniş structure), while the polymetallic (dominant) and gold
(subordinate) mineralisation is spatially associated to the quartz
andesite intrusive structure with hornblende ± biotite (Ambru şi Mălai
structure).
Polymetallic mineralisation is more prevalent
in the vein systems and the metasomatic replacement bodies with a lower
tenor of gold. Zinc and lead are the main economic with copper being
subordinate but locally elevated in places.
A
detailed assessment of the geology and of historical sample results on
the Blueberry perimeter was given in a doctoral thesis by Professor
Calin Tămaş from Babeş – Bolyai University (Cluj): Structures of
Endogenic Brief (Brief Pipe – Breccia Dyke) and Petrolmetalogenia Rosia
Montana (M.Metaliferi) 2007. It records extensive rock samples taken at
an average grade of 1.47 g/t Au with a range of 1.2 to 2.9 g/t.
The
Blueberry Perimeter encircles the old Baia de Aries Mine which is
reported to have produced from six breccia pipes contained therein 20%
of the historical gold production from the Golden Quadrilateral which is
reported to total 55 million ounces of gold. This mine was closed and
rehabilitated with finance from an EU project following Romania’s
accession to the EU, as a result of which the area is currently excluded
from exploration or mining operations. Under the proposed new Romanian
mining law expected to come into force in 2018 this exclusion will end
with the consequence that BRL will be well placed to apply for an
exploration licence over this area. Obtaining of this licence will
carry the additional benefit of access to all the historical records of
the old Baia de Aries Mine.
Previous work on the Blueberry
Perimeter from records directly available to Vast includes 159 soil
samples, 98 rock samples and 25 drill holes. The partially recorded
information history derived therefrom is positive and encouraging and
shows that the area as a whole is open to mineralisation.
An
anomaly has been verified by Vast from nine additional soil samples,
and a simple contour of gold sample values obtained has indicated
elevated gold in the samples centred around a breccia pipe indicated on
the local geological maps of the area. Sample values of up to 22.4g/t
of gold were obtained in the historical soil sampling programmes.
Vast
has been involved in the planning of a further exploration programme
(the ‘Planned Exploration Programme’) involving 6,800 metres of targeted
drilling, assaying and associated works. In the opinion of Vast the
Planned Exploration Programme is likely to provide sufficient
information to estimate at least an Inferred JORC Mineral Resource for
gold and other minerals in one or more distinct breccia pipes.
The
greater part of the Planned Exploration Programme has now been
completed although the assays from the drill cores are awaited. This
has been financed to date by the Vendors. The Vendors have agreed to
bear the cost of the first 1,200 metres of drilling. The balance of the
costs of drilling, assaying and other works incurred by the Vendors
will be refunded out of the $2 million pre-IPO finance to be raised.
Under
the Romanian mining law, BRL has the right to be granted an
exploitation licence giving it the right to mine on the giving of a
satisfactory final exploration report by 3 October 2018. The subsequent
application for the exploitation licence must be submitted by 31
December 2018 and accompanied by a feasibility study, development plan,
environmental impact and rehabilitation study and a social impact
assessment. Arrangements for this process are in hand but are subject
to the assay results from the Planned Exploration Programme being as
expected.
Andrew Prelea has been engaged with investigation
and negotiations on Blueberry since before he joined the Company.
Blueberry is a ‘Joint Asset’ of which Andrew Prelea is entitled to a 10%
interest as referred to in the Company’s announcement of 1 March 2018
following his appointment to the Company as a Director. As therein
stated, in order to eliminate conflicts of interest, it was and remains
the intention of both the Company and of Andrew Prelea to negotiate
terms under which Andrew Prelea’s interests in the Joint Assets are
exchanged for special option rights to acquire shares in the Company
subject to approval by shareholders of the Company at a General
Meeting. On account of this intention no shares in EMA are being issued
to Andrew Prelea at present pending further discussion on the special
option rights.
Qualified Person
The
information in this report that relates to Exploration Targets,
Exploration Results, Mineral Resources or Ore Reserves is based on
information compiled by Mr Craig Harvey, the Chief Operating Officer for
Vast and a full-time employee and Director of the Company. Mr Harvey
is a Competent Person who is a Member of the Australian Institute of
Geoscientists and of the Geological Society of South Africa, a
Recognised Professional Organisation included in a list that is posted
on the ASX website from time to time.
Mr
Harvey has sufficient experience that is relevant to the style of
mineralisation and type of deposit under consideration and to the
activity being undertaken to qualify as a Competent Person as defined in
the 2012 Edition of the ‘Australasian Code for Reporting of Exploration
Results, Mineral Resources and Ore Reserves’. Mr Harvey consents to the
inclusion in the report of the matters based on his information in the
form and context in which it appears.
**ENDS**
For further information, visit www.vastresourcesplc.com or please contact:
Vast Resources plc
Andrew Prelea (Chief Executive Officer)
www.vastresourcesplc.com +44 (0) 20 7236 1177
Beaumont Cornish - Financial & Nominated Adviser
Roland Cornish
James Biddle
www.beaumontcornish.com +44 (0) 020 7628 3396
Brandon Hill Capital Ltd – Joint Broker
Jonathan Evans
www.brandonhillcapital.com +44 (0) 20 3463 5016
SVS Securities Plc – Joint Broker
Tom Curran
Ben Tadd
www.svssecurities.com +44 (0) 20 3700 0100
St Brides Partners Ltd
Susie Geliher
Charlotte Page
www.stbridespartners.co.uk +44 (0) 20 7236 1177
The
information contained within this announcement is deemed by the Company
to constitute inside information as stipulated under the Market Abuse
Regulations (EU) No. 596/2014 (“MAR”).
Romania Proposes to Repatriate 95% Of Its Gold So they created a political ambuscade to change the government in 2019 and jail the Party Leader
According to international reports, Romania is the latest nation
that wants its gold back. Romania's Social Democrat Party (PSD) leader
Liviu Dragnea and PSD senator Serban Nicolae have proposed legislation
that requires the National Bank of Romania (BNR) to hold most of its
gold reserves domestically.
A description of the bill posted on the Senate’s website said: "The
National Bank of Romania can deposit gold from the established reserve
abroad exclusively for the purpose of obtaining income through trading
and other specific operations. The gold deposited by the National Bank
of Romania abroad cannot exceed 5% of the total gold reserve.”
While
the central bank does keep some gold in its vaults in Bucharest, the
majority of gold is held in the United Kingdom with the Bank of
England.
The proposed legislation has been filed for debate in the Senate under urgent procedure. “Nothing in Romania’s economic situation justifies keeping such a
quantity of gold as a reserve abroad, with the associated costs, which
are not to be neglected, when this reserve can be kept and
supplemented, accordingly, in deposits in the country,” Dragnea and
Nicolae said in statements to the media.
However, the central bank governor Mugur Isarescu has pushed back on
the proposed legislation. “I have been accused that I keep the
reserves abroad. As if I am the one to keep them, as if they were mine.
Where do you want us to keep them? These are international reserves;
do you think the euros and the dollars are kept in BNR's basement? They
are kept in reserves,” he was quoted as saying by local media.
Currently, the BNR holds 103 tonnes of gold in its reserves, valued at $3.84 billion.
Some commodity analysts have pushed back on the idea of central
banks repatriating their gold — a theme that has been gaining traction
for the last five years. While the concept is patriotic, analysts have
noted that moving gold away from key market hubs like New York and
London can create logistical problems if that precious metal ever needs
to be monetized.
Romania’s move comes after an active year for central banks in the
gold market. According to the World Gold Council, central banks
collectively bought 651.5 tonnes of gold in 2018, the most purchases in
more than 50 year
Euro Sun Mining gives up private placement for gold mining project in Romania
Canadian mining company Euro Sun Mining (formerly Carpathian Gold), the
owner of the Rovina gold project in Romania, has renounced its planned
private placement of shares under which it hoped to raise up to CAD 10
million to fund the project in Romania. The decision was taken “due to
the difficult market conditions”. The company, which recently obtained
the approval of the Romanian Government for the exploitation of the gold
mine in Rovina, the second largest in Europe, announced last month that
it wanted to raise CAD 10 million (EUR 6.6 million) at the Toronto
Stock Exchange. The funds were to be used to complete impact and
feasibility studies in Rovina, as well as to conduct environmental and
social studies. Euro Sun, through its subsidiary Samax Romania, is the
sole owner of the Rovina project in Hunedoara County. The gold deposit
at Rovina, the second largest in Europe, contains resources evaluated at
204 tonnes of gold and over 635,000 tonnes of copper. The Rovina mine
is 17 kilometers from the Certej mining concession, owned by Canadian
company Eldorado Gold, and about 20 kilometers from Roşia Montană, a
project developed by a Canadian company Gabriel Resources. Euro Sun also
holds a exploration license for the Stănija golden perimeter, about 3
kilometers from Rovina.
PRESS RELEASEFOR IMMEDIATE RELEASETSX Trading Symbol: GBUJanuary 23,2018Transfer of ListingGabriel Resources Ltd. (“Gabriel” or the “Company”) announcesthat it has voluntarily applied to delist its common shares from the Toronto Stock Exchange (the "TSX") and has received conditional approval to transfer its listing to the TSX Venture Exchange ("Exchange")through the streamlined listing proceduresof the Exchange. The Company believes that the transfer of its listing to the Exchangewill provide for greater operational efficiency and lower costs for the Company,while allowing shareholders to have continuedtrading liquidity on a recognized trading exchange, in line with its strategy to contain costs whilst focusing on the bi-lateral investment treaty claim against Romania (“ICSID Arbitration”). Gabriel's common shares are expected to commencetrading on the Exchangeunder the existingsymbol "GBU" fromthe opening of trading on February 1, 2018and, pursuant tothe application to voluntarily delist from the TSX, the common shares will continue to trade on the TSX untilthe closing of the market onJanuary 31, 2018.
Gabriel Resources Ltd.is a Canadian TSX-V-listed resource company focused on permitting and developing controversial Roșia Montană gold and silver project located in western central Romania[citation needed]. The Project, the largest undeveloped gold deposit in Europe,[2]
is owned through Rosia Montana Gold Corporation S.A. (RMGC), a Romanian
Company in which Gabriel Resources holds an 80.69% stake and CNCAF
Minvest S.A., a Romanian state-owned mining enterprise, the rest.[citation needed].
Rosia Montana is the largest undeveloped gold deposit in Europe[citation needed], hosting measured and indicated resources of 10 million ounces of gold and 47.6 million ounces of silver,[3] together with an inferred resource of 1.2 million ounces of gold[citation needed]. The project is estimated to produce 626,000 ounces of gold annually during its first five years of operation[citation needed], with an estimated average of 500,000 ounces of gold and 1.79 million ounces of silver per year over its 16-year mine life[citation needed].
The project is in an area which has been mined for many centuries
and as recently as 2006 was subject to open pit mining by Minvest.[citation needed]
The project is subject to many protests. In September 2013, street
protests took place in Bucharest, Cluj and other Romanian cities (see 2013 Romanian protests against the Roșia Montană Project). As a result, Gabriel shares dropped 64 percent (to a total of 41 percent drop this year),[4] its rating being suspended by Scotia Capital.[3] In June 2017, the company sued the government of Romania for $4.4
billion at the World Bank Tribunal, due to delays in the Rosia Montana
project. It was delisted from the Toronto Stock Exchange in January 2018, and re-listed on the TSX-Venture.
The Domino Effect – Romania joins Gold Repatriation exodus
Hungary repatriating all its gold reserves from London in October 2018, moves are now afoot in neighboring Romania to
do likewise, via a parliamentary bill submitted by Romanian politicians
Liviu Dragnea and Serban Nicolae which specifies that only 5% of gold
reserves can be kept abroad.
Romania’s strategic gold reserves amount to 103.7 tonnes and are
managed by the country’s central bank, the National Bank of Romania
(NBR), with over 60 tonnes of the Romanian gold (or about 60%) claimed
to be stored at the controversial gold vaults of the Bank of England in
London.
Given that Dragnea and Nicolae are not just anonymous back-bencher
politicians submitting a Bill for attention seeking purposes, this gold
repatriation initiative out of Romania is one to watch.
Indeed, Liviu Dragnea is leader of Romania’s largest political party,
the Social Democratic Party (PSD), which is the senior party of
Romania’s current ruling coalition. Dragnea is also President of
Romania’s Chamber of Deputies (the lower house of parliament). Likewise,
neither is Serban Nicolae a low-key figure as he is leader of the PSD
grouping in Romania’s Senate (upper house of parliament). You could
perhaps not find two more senior politicians than these two to kick
start a gold repatriation campaign in Romania.
Romanian parliament votes to bring gold reserves back from Bank of England
BUCHAREST, April 24 (Reuters) - Romania’s parliament on Wednesday
approved a bill requiring the central bank to bring the bulk of its gold
reserves back from the Bank of England
The ruling Social Democrats (PSD), recently at odds with the central
bank over a new tax on banking assets, say the state coffers have not
benefited from storing gold abroad, however, and instead have had to pay
storage fees.
UNESCO postpones evaluation of Rosia Montana nomination for World Heritage List
UNESCO was due to discuss on Sunday, July 1, 2018 the nomination of
Romanian mining site Rosia Montana for inclusion on the World Heritage
List, but talks were postponed for one day. After the delay, news
emerged that Romania asked for referral of the Rosia Montana file, as
the country could stand to lose USD 4 billion in the ongoing arbitrage
case again Rosia Montana Gold Corporation, according to former culture
minister Vlad Alexandrescu. he attended the UNESCO talks in Bahrain last
weekend.
Romania officially requested the return of the nomination file, local News.ro
reported. Delaying the vote because of an international arbitrage could
mean years and years of waiting, according to Alexandrescu, who is an
MP from the Unirea Salvati Romania (USR - Save Romania Union). In three
years, the recommendation for Rosia Montana to be included on the UNESCO
list will expire, and the arbitration could last 7 or 8 years, so the
whole process will have to start from zero, the MP added. "All other
countries negotiate fiercely so that their monuments are included on the
UNESCO list, but Romania is doing the contrary," said Alexandrescu.
In early June, the local media reported that the Romanian Government stopped the procedure for including the Rosia Montana village on the UNESCO World Heritage List.
The Government motivated that Rosia Montana’s inclusion on UNESCO’s
heritage list would negatively impact Romania’s ongoing lawsuit with
Canadian group Gabriel Resources. The Canadian group is asking for USD
4.4 billion damages after the Romanian authorities decided to stop their
gold mining project at Rosia Montana.
The Supreme Council of National Defense (CSAT) decided last week
that the Government has all the instruments and institutions it needs
to manage the entire process of including Rosia Montana landscape on the
UNESCO World Heritage List. International body recommends inclusion of Romania’s Roşia Montană in world patrimony list Romanian Culture Minister: Rosia Montana could be both protected site & gold exploitation
“The mining landscape in Roşia Montană hosts the most significant,
extensive and technically diverse Roman gold mining project discovered
so far, dating back to the period of the Roman occupation of Dacia,” he
explained in a Facebook post.
“The ICOMOS shows its concern regarding plans to reopen the
large-scale mining exploitation in Roşia Montană. The ICOMOS also shows
that, with this, the historical site is faced with an imminent, specific
and proven danger, which could lead to significant losses of historical
authenticity and cultural significance. As such, the ICOMOS believes
that Roşia Montană should be included also on the list of the endangered
world patrimony,” Alexandrescu also explained.
In 2016, the Culture Ministry decided that the town of Roşia Montană
and its surroundings should be classified as category A historic
monuments. This meant that any intervention that may affect the area was
forbidden, including the gold-mining project of the Rosia Montana Gold
Corporation (RMCG). The two-kilometer perimeter around the town which
was declared historic monument also included the mining sites, some of
which are almost 2,000 years old.
RMCG entered a dispute with the Romanian state at the International Center for Settlement of Investment Disputes (ICSID) after the mining project was blocked as the site was declared a historic monument.
At the beginning of 2017, the Culture Ministry sent the Roşia Montană
file to UNESCO to be evaluated for inclusion in the World Patrimony
List.
The Romanian sites that have been included on the UNESCO World
Patrimony list are: the Danube Delta, the Horezu Monastery, the painted
churches in Northern Moldova, the wooden churches of Maramures, the
Sighisoara fortress, the Saxon churches in Transylvania, and the Dacian
fortresses in the Orastie mountains.
