Gabriel Resources
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| Company type | Public |
|---|---|
| TSX-V: GBU | |
| Industry | Mining |
| Headquarters | , |
Number of locations | RMGS London, England |
Key people | Jonathan Henry, President & CEO |
Number of employees | 500[1] |
| Website | www.gabrielresources.com |
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.[5] It was delisted from the Toronto Stock Exchange in January 2018, and re-listed on the TSX-Venture.
See also
References
- ^ "Company Profile for Gabriel Resources Ltd (CA;GBU)". Retrieved 2008-10-14.
- ^ Jamasmie, Cecilia. "Gabriel Resources ready to sue Romania for over $4bn". Retrieved 16 September 2013.
- ^ a b Kennedy, Peter. "Scotia Capital suspends rating on Gabriel Resources (T.GBU)". Stockhouse. Retrieved 16 September 2013.
- ^ "Gabriel Resources Drops as Romanians Protest Mine: Toronto Mover". Bloomberg BusinessWeek. Archived from the original on 6 September 2013. Retrieved 4 September 2013.
- ^ Taylor, Susan (2017-06-29). "Canada's Gabriel Resources to seek $4.4 bln in damages from Romania". Reuters. Retrieved 2018-04-25.