Top gold producer behind Rosia Montana project

The US company Newmont Mining Ltd., the world’s largest producer of gold, acquired 19% in the Canadian company Gabriel Resources in a transaction worth 18.8 million dollars. Gabriel Resources is currently unfolding the controversial Rosia-Montana project in Romania. Following the announcement, Gabriel Resources’ stock registered a six-year record high – a 52% increase. Newmont, a company based in Denver, Colorado, is betting on the fact that Gabriel Resources will be able to complete the project linked to the mine in the Apuseni Mountains, in Rosia Montana, which the Canadian company says contains 10.6 million ounces of gold ore (4.3 billion dollars at the present price of 410 dollars/ounce). Though Newmont representatives stated they were not interested in a partnership within the Rosia Montana project, they however admitted the project was feasible. Prior to the acquisition, Newmont had carried out certain investigations, Gabriel Resources representatives said. ZF