Gabriel Resources: Don't Get Burned By Romanian Machinations
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Nov. 11, 2013, 8:56 AM
- A special Romanian parliament commission is set to reject a draft bill that would allow Gabriel Resources (GBRRF) to set up Europe's biggest open-cast gold mine in the Carpathians.
- Gabriel has been waiting 14 years for approval to use cyanide to mine 314 metric tons of gold and 1,500 metric tons of silver in the town of Rosia Montana.
Sep. 30, 2013, 2:54 PM
- Romania’s domestic spy agency has been monitoring developments involving Gabriel Resources' (GBRRF.PK) planned Rosia Montana gold mine for years, its chief acknowledges, saying some demonstrations against the project have been manipulated by “eco-anarchists."
- The country's president, however, had said the protests opposing the mine were genuine while rallies in support of the mine in Transylvania were “fabricated.”
- Rosia Montana would be Europe's biggest gold mine, sitting on ~314 tons of gold and 1,500 tons of silver; proponents have been trying to get permits for 14 years but so far no date has been set for it to begin operating.
Sep. 11, 2013, 11:49 AM
- Gabriel Resources (GBRRF.PK +24.4%) shares rebound on news the company plans to seek as much as $4B in damages if Romanian lawmakers vote to oppose the Rosia Montana gold mining project in the country.
- Shares were cut in half Monday when Romania's prime minister said parliament should quickly vote on whether to abandon the project because of opposition centered on the use of cyanide to extract gold; Gabriel has spent more than a decade trying to build the $1.4B mine.
- Paulson & Co. owned a 16% stake and Seth Klarman's Baupost held more than 12% as of the most recent disclosure; even with today’s surge, the stock is down 67% YTD.
Sep. 9, 2013, 11:16 AM
- Gabriel Resources (GBRRF.PK -47%) shares plunge on reports from Romania that the company’s giant Rosia Montana gold project is likely to be rejected.
- The prime minister reportedly said it is "case closed” against the project, and the thousands of protestors worried because large amounts of cyanide would be used to extract the gold have achieved their aim of stopping it.
- Rosia Montana holds more than 17M oz. of gold resources and would be Europe’s biggest gold mine.
Sep. 3, 2013, 5:20 PM
- Gabriel Resources (GBRRF.PK) shares tumbled 16% today after Romanians protested the company’s Rosia Montana project and Gabriel’s reported plan to use cyanide to extract gold.
- Romania President Basescu says the anger is the result of the 2000 Baia Mare spill, when a dam holding back mine debris burst, flooding the Somes, Tiza and Danube rivers with tens of thousands of tons of cubic meters of cyanide-contaminated water.
- Hedge fund Paulson & Co. owned 16% of Gabriel as of May 17.
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Gabriel Resources Ltd. is a Canadian TSX-listed resource company focused on permitting and developing its world class Rosia Montana gold and silver project. Gabriel is committed to responsible mining and sustainable development in the communities in which it operates.
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