ROMANIA

Gabriel Resources' losses in 2012 now top $1.7 billion as new Romanian PM orders umpteenth review

Just as it looked as if Europe's biggest mining project may be approaching the finish line after a dozen years of opposition and delays Romania's prime minister designate pulls the rug from under its promoter Gabriel Resources.

Eldorado Gold reports $67 million profit in Q1

Gold miners were caught in an ugly slide in the S&P/TSX Composite Index today, which shed 215 points in reaction to another poor economic report coming out of the US.

Canadian firm promises Romania $30 bn in gold mine benefits

Canada's Gabriel Resources said Thursday Romania would get $30 billion in economic benefits if it approves a gold mine project at Rosia Montana that has drawn opposition from environmentalists.

Eldorado's Greek, Romanian assets will help grow gold output 160%

Eldorado Gold's updated guidance stresses the integration of newly acquired assets in Greece and Romania to help achieve 1.7 million ounces of gold production company-wide in five years.

Romania pulls out of mine sale

Reuters reports that Romania has backed out of a deal to sell its largest state-owned copper mine, Cupru Min Abrud.

BayFront and Roman Copper comment on their acquisition of Cupru Min

BayFront Capital Partners and its wholly-owned subsidiary Roman Copper Corp. today released further details of their plan for Cupru Min and its world-class Rosia Poieni copper mine, acquired as part of the Romanian government’s privatization program.

Valhalla to remain halted

Valhalla is a Canadian mineral exploration company focusing on the discovery and development of base and precious metal opportunities in Turkey and Romania.

OZ loses Romanian copper mine to Canadian company

Canadian company Roman Copper Corp won Monday's bid for Romania's largest copper mine, beating out three competitors including Australian miner OZ Minerals.

Open outcry: Four bidders line up for Romania's state copper mine auction

Romania received four bids for its biggest copper mine, Cupru Min Abrud, and will sell the company in an auction on March 26, the economy ministry said on Friday.

EU approves aid for closure of 3 coal mines

The European Commission has authorised 1169 million Romanian lei (approximately €270 million) of public funding for the closure of three uncompetitive coal mining units owned by National Hard Coal Company JSC Petrosani (CNH SA).

Romanian coal miner CNH to enter liquidation by end-September

The Romanian government will launch liquidation proceedings for state-run coal mining company Compania Nationala a Huilei (CNH) by end-September, according to the country's latest letter of intent to a EUR3.5 billion loan deal with the International…

Romanians rally for and against Rosai Montana gold mine

Environmentalist demonstrators have taken to the streets in Romania against the Rosia Montana gold mine, while local tonwspeople have rallied in support.

Carpathian Reviews 2011 Achievements & Budgets $152 Million for 2012

Carpathian Gold Inc. (TSX:CPN) (the "Corporation" or "Carpathian") is pleased to provide a review of the results and achievements for 2011 and its capital expenditure and exploration work programs and outlook for 2012 for which it has allocated a total budget of approximately $152 Million. The Corporation is pleased with the achievements it made in 2011 on its two wholly owned assets: 1) Riacho dos Machados Gold Mining Project (the "RDM Mine" or "Project") in Brazil which is now in the mine construction phase and; 2) the Rovina Valley Project in Romania which is currently undergoing a Pre-feasibility Study.

Romania puts 60% of its copper reserves up for grabs

Reuters reports Romania has launched the sale of its biggest copper mine Cupru Min SA Abrud via a tender, the government's industry privatisation office said on its website. The deadline for bids is Jan. 17 deadline. Romania wants to sell 100% of the mine which sits on about 60% of the European Union member's copper reserves equal to roughly 900,000 tonnes.

Cupru Min is based in Abrud, Alba County, Romania and operates the Roşia Poieni copper mine. The company says deposits amount to more than 1 billion tons ore with an average of 0.36% Cu and 1.8% S. Copper production began in 1983 and the designed capacity of the mine is 9 million tons of ore extracted and processed per year with expansion to 15 million tons per year.

12 years, 7 CEOs and $500 million later Europe's largest mine may finally get built

Europe's biggest mining project may be approaching the finish line after a dozen years of opposition and delays, and could enter its final stage late next year, a Rosia Montana Gold Corp executive told Reuters on Friday.

Rosia Montana is majority-owned by Gabriel Resources which have spent more than $500 million under no fewer than seven different CEOs advancing the project since the Canadian firm first obtained the concession in 1999. It is believed the be one of the richest deposits in Europe with 314 tonnes of gold and 1,500 tonnes of silver and where mining activity dates back to the 1st Century.

Gold mine plans sow discord in Romania

On the surface, it is just one of the many picturesque villages of Transylvania, a region called Romania’s “national treasure” by Britain’s Prince Charles for its stunning nature. But Rosia Montana, a former Roman site in the northwest, lies on one of the biggest gold deposits in Europe.

Rosia Montana Gold Corporation to take USD 700 mln loan for Romania gold mining project

Rosia Montană Gold Corporation (RMCG) will borrow USD 700 million from a consortium of banks led by the Royal Bank of Scotland to cover the costs of the gold mining project in Romania. The loan would cover two thirds of the needed amount for the

Bucharest wants less cyanide in Canadian gold mine

Romanian Environment Minister Laszlo Borbely said Tuesday that a Canadian gold mine project would be given the green light only if it drops the proposed cyanide level in its tailings pond.

China looking at coal, nuclear projects in Romania

Chinese companies mull investing in Romania's nuclear and coal sectors, Mediafax reported after the visit of the Romanian government delegation, headed by PM Emil Boc, to China.

Protests after Canadian firm receives go-ahead to mine gold near ancient Roman site

Interfax reports a few dozen people protested Tuesday outside Romania's Culture Ministry in Bucharest against its approval of the archaeological discharge certificate for the Carnic Mountain, where extensive tunnels used by Roman miners during the rule of emperor Trajan (pictured) still exists.

Rosia Montana Gold Corporation, controlled by Canada's Gabriel Resources which first obtained the concession in 1999, needed the permit for its project to establish an open-cast mine in the area believed to hold some 300 tonnes of gold, one of the largest deposits in Europe.

Carpathian Gold announces $20 million strategic placement by Barrick Gold Corporation

Carpathian Gold announced that it has concluded an agreement with Barrick Gold Corporation for a CDN$20 Million private placement to purchase 38,461,538 common shares (the "Private Placement" and the "Common Shares") of the Corporation at a price of $0.52 per share. The Common Shares will be subject to a four-month hold period.

The proceeds from the Private Placement will be exclusively applied to the Corporation's ongoing exploration and development work on its wholly owned Rovina Valley Project ("RVP") situated in west-central Romania.