You are here
Romania hit by $4.4-billion damage claim over stalled gold mine project
By Neil Buckley
Financial Times, London
Thursday, June 29, 2017
A Toronto-listed mining company is claiming $4.4 billion in damages from Romania at the World Bank's arbitration tribunal, accusing Bucharest of unfairly blocking its $2 billion project to create one of Europe's biggest gold mines and expropriating its assets.
Gabriel Resources won a licence in 1999 to exploit the Rosia Montana gold and silver deposits in Transylvania, but was never granted the necessary permits. The company says it has complied with all necessary Romanian and European Union legal requirements.
Environmental groups and local campaign groups have fought a bitter battle against the mining plan, saying it would destroy a region of natural beauty and damage historic mine workings dating from Roman times.
Some of the biggest street protests since the Communist era broke out in Romania in 2013 after the then socialist-liberal coalition sent a draft law to parliament giving the go-ahead to the project. An incoming socialist government in January this year asked Unesco to grant world heritage status to Rosia Montana -- which would end any chance of developing the mine. ...
... For the remainder of the report:
https://www.ft.com/content/52f5c202-5c99-11e7-9bc8-8055f264aa8b
Newrange Gold Stakes 111 Additional Claims at Its Pamlico Gold Project in Nevada
Company Announcement
Monday, June 26, 2017
VANCOUVER, British Columbia, Canada -- Newrange Gold Corp. (TSX-V: NRG, US: CMBPF) is pleased to report that the company has staked 111 new claims at the company's Pamlico Project in Nevada. The new claims:
-- Add 928 hectares to property.
-- Increase property by 75 percent to 2,165 hectares.
-- Better encompass the dominant gold trends in the area.
-- Cover areas of prospects and mine workings with historic surface samples ranging from 0.5 to 3.0 grams of gold per metric tonne in highly deformed and altered carbonate sediments.
-- Add multiple prospective targets in favorable volcanic rocks known to host high-grade gold mineralization as currently being explored in the Merritt Zone.
-- Provide a significant exploration and operational "buffer" around previous holdings. ...
... For the remainder of the announcement:
http://www.newrangegold.com/i/pdf/NRG_NR_20170626-Final.pdf
Join GATA here:
New Orleans Investment Conference
Wednesday-Saturday, October 25-28, 2017
Hilton New Orleans Riverside Hotel, New Orleans, Louisiana
http://neworleansconference.com/
Mines and Money London
Business Design Centre
London, England, United Kingdom
Monday-Thursday, November 27-30, 2017
http://london.minesandmoney.com/
* * *
Help keep GATA going
GATA is a civil rights and educational organization based in the United States and tax-exempt under the U.S. Internal Revenue Code. Its e-mail dispatches are free, and you can subscribe at:
To contribute to GATA, please visit:
