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Canadian company Gabriel Resources, net losses of 4.6 million dollars in Q2 2015
Canadian company Gabriel Resources saw net losses of 4.6 million dollars in Q2 2015, or 0.01 dollars per share, MarketWatch reports.
The cash reserves and cash equivalents amounted to 32.1 million dollars on June 30, 2015, the Canadian company informed.
Gabriel Resources announced on July 21 that it had filed an arbitration request at the International Centre for Settlement of Investment Disputes (ICSID) against Romania. Gabriel Resources states that action refers to the company's dispute with the Romanian authorities in connection with the development of the Rosia Montana mining project, in which Gabriel holds an 80.69pct stake.
Gabriel Resources is determined to protect its rights and interests in Romania, and in the Romanian authorities' absence of the willingness to start a dialogue, the company has decided to call on justice through an international arbitration request.
"We maintain our commitment for the project to build and operate at high level the Rosia Montana mine, and our priority is finding an amicable solution," Gabriel Resources' CEO & President Jonathan Henry said on Tuesday.
Gabriel had been threatening since as early as September 2013 it would sue the Romanian Government and seek compensation of up to 4 billion dollars because of "multiple breaches of investment treaties."
Rosia Montana Gold Corporation intends to develop in Rosia Montana the most modern mine in Romania, from where it wants to mine some 300 tonnes of gold and 1,400 tonnes of silver.
The company was set up in 1997, in Alba County, having as shareholders state-owned mining company Minvest Deva - with 19.31pct and Gabriel Resources - with 80.69pct. If this gold-mining project were green-lighted, Romania would become the top gold producer in Europe, surpassing the current first two countries, Finland and Sweden.