Romania - Rosia Montana Gold Mine

Traces of destructive geological sampling by Rosia Montana Gold Corporation in the Roman Gallery of Orlea.

image: Alburnus Maior

The private company behind plans to open Europe's largest gold mine has warned its investors of the significant risks involved in the development. Gabriel Resources has acknowledged the serious possibility that the Rosia Montana gold mining project, Romania, will never happen.

The Canadian mining company had plans to force over 2000 people out of their homes as well as destroy unique archaeological and natural sites. Since its inception, the development has been dogged by scandals, operational problems and vehement local, national and international opposition.

Gabriel Resources has conceded that obtaining permits and approvals, acquiring land, finance and insurance, fighting legal challenges and coping with their own limited experience in the mining sector all threaten to derail the project. Furthermore, the Romanian government, partners in the project, no longer supports it in the context of EU accession.

Eugen David, president of Alburnus Maior, the local community group in Rosia Montana , commented “We repeatedly told Gabriel's investors that this project simply is never going to happen. By now everyone should have come to understand that even the initial costs for this project are unrealistic and beyond any economic rationale. The facts are now out there in black and white. Whilst no serious investor would ever take such risks, no government would ever be as irresponsible as to approve such a mad development. My recommendation to Gabriel's investors is: Sell, sell, sell.”

more information:
Find out why the World Bank refused to fund the project
Read the full report from Gabriel Resources
Rosiamontana.org :www.rosiamontana.org
Rosia Montana photo gallery: www.sepsiszentgyorgy.info/galeria/kovacs_l_a
CEE Bankwatch Network: www.bankwatch.org
Burying People for Profits, video, FoEI .