Roșia Montană Gold Corporation
Encyclopedia
Rosia Montana Gold Corporation (RMGC) is a Romanian company established in 1997, in Alba County, based in Roșia Montană
, whose shareholders are the State-owned mining company Minvest Deva - with 19.31%, Gabriel Resources
– with 80.46% (listed on the Toronto Stock Exchange
(GBU symbol)) and other minority shareholders – with 0.23%. Roșia Montană Project
is undergoing the obtaining of the necessary permits stage for the start of the exploitation.
Alan Roe, Director and Head Economist of Oxford Policy Management declared at the Economic Conference of July 8, 2010 in Bucharest: “Rosia Montana Projects contributes to a potential growth of Romania’s GDP with USD 19 billion, including the impact of the multiplication effect throughout its duration”.
The project is proposed for a period of around 25 years (2 years –construction phase, 16 years – operation phase, around 7 years – closing and rehabilitation phase).
1997–2002 – The Company conducts geological explorations to determine the quantity of existing ore in Rosia Montana;
1999 – RMGC obtains the concession license for exploitation no. 47/ 1999 for the exploitation of gold
and silver
ores in the Roşia Montană
area;
2000 – With RMGC financing, archaeological
research begins with the participation of the teams of specialists from the National Union Museum of Alba Iulia and the Projection Centre for the National Cultural Patrimony, to assess the archaeological and architectural potential of Roșia Montană. The Company has thus far contributed approximately US$11 million for the teams of researchers;
2002–2006 – Drafting of feasibility studies, including studies concerning the initial conditions for the Environmental Impact Assessment
(EIA);
June 2002 – May 2004 and October 2006 – February 2008 – RMGC purchases properties in the project area, based on a Relocation and Resettlement Action Plan, in compliance with the World Bank
and IFC standards;
May 2006 – RMGC submits the EIA Report, drafted by a team of Romanian and foreign experts, to the Ministry of Environment;
July – August 2006 – 16 public consultations (14 in Romania and 2 in Hungary) are held for the EIA, to present the mining project to the public and answer people’s questions; following the information and public consultations stage, 5,600 questions were submitted to RMGC by the Ministry of Environment in January 2007;
July 2007 – RMGC begins the construction of the new neighborhood in Alba Iulia, Recea, for the families within the project development area who chose to move to the city;
May 2009 – Inauguration of Recea neighborhood in Alba Iulia; 125 local families moved to their new homes in Alba Iulia.
At present, Rosia Montana Gold Corporation has 310 employees, 280 of whom work in Rosia Montana. 80% of the employees come from the areas influenced by the project: Roșia Montană
, Abrud
, Câmpeni
and the surroundings.
Rosia Montana
Roșia Montană is a commune of Alba County in the Apuseni Mountains of western Transylvania, Romania. It is located in the Valea Roșiei, through which the Roșia River flows...
, whose shareholders are the State-owned mining company Minvest Deva - with 19.31%, Gabriel Resources
Gabriel Resources
Gabriel Resources Ltd. is a multi-national mining firm based in Toronto. Gabriel is currently engaged in the exploration and development of mineral properties in Romania, with its primary focus on the development of its 80% owned controversial Rosia Montana gold project."The company was founded in...
– with 80.46% (listed on the Toronto Stock Exchange
Toronto Stock Exchange
Toronto Stock Exchange is the largest stock exchange in Canada, the third largest in North America and the seventh largest in the world by market capitalisation. Based in Canada's largest city, Toronto, it is owned by and operated as a subsidiary of the TMX Group for the trading of senior equities...
(GBU symbol)) and other minority shareholders – with 0.23%. Roșia Montană Project
Roșia Montană Project
Roşia Montană Project is a gold and silver mining project initiated by Roșia Montană Gold Corporation. The project is located in Roşia Montană, Romania...
is undergoing the obtaining of the necessary permits stage for the start of the exploitation.
Alan Roe, Director and Head Economist of Oxford Policy Management declared at the Economic Conference of July 8, 2010 in Bucharest: “Rosia Montana Projects contributes to a potential growth of Romania’s GDP with USD 19 billion, including the impact of the multiplication effect throughout its duration”.
The project is proposed for a period of around 25 years (2 years –construction phase, 16 years – operation phase, around 7 years – closing and rehabilitation phase).
RMGC background
1997 – The Romanian Company Rosia Montana Gold Corporation is created;1997–2002 – The Company conducts geological explorations to determine the quantity of existing ore in Rosia Montana;
1999 – RMGC obtains the concession license for exploitation no. 47/ 1999 for the exploitation of gold
Gold
Gold is a chemical element with the symbol Au and an atomic number of 79. Gold is a dense, soft, shiny, malleable and ductile metal. Pure gold has a bright yellow color and luster traditionally considered attractive, which it maintains without oxidizing in air or water. Chemically, gold is a...
and silver
Silver
Silver is a metallic chemical element with the chemical symbol Ag and atomic number 47. A soft, white, lustrous transition metal, it has the highest electrical conductivity of any element and the highest thermal conductivity of any metal...
ores in the Roşia Montană
Rosia Montana
Roșia Montană is a commune of Alba County in the Apuseni Mountains of western Transylvania, Romania. It is located in the Valea Roșiei, through which the Roșia River flows...
area;
2000 – With RMGC financing, archaeological
Archaeology
Archaeology, or archeology , is the study of human society, primarily through the recovery and analysis of the material culture and environmental data that they have left behind, which includes artifacts, architecture, biofacts and cultural landscapes...
research begins with the participation of the teams of specialists from the National Union Museum of Alba Iulia and the Projection Centre for the National Cultural Patrimony, to assess the archaeological and architectural potential of Roșia Montană. The Company has thus far contributed approximately US$11 million for the teams of researchers;
2002–2006 – Drafting of feasibility studies, including studies concerning the initial conditions for the Environmental Impact Assessment
Environmental impact assessment
An environmental impact assessment is an assessment of the possible positive or negative impact that a proposed project may have on the environment, together consisting of the natural, social and economic aspects....
(EIA);
June 2002 – May 2004 and October 2006 – February 2008 – RMGC purchases properties in the project area, based on a Relocation and Resettlement Action Plan, in compliance with the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
and IFC standards;
May 2006 – RMGC submits the EIA Report, drafted by a team of Romanian and foreign experts, to the Ministry of Environment;
July – August 2006 – 16 public consultations (14 in Romania and 2 in Hungary) are held for the EIA, to present the mining project to the public and answer people’s questions; following the information and public consultations stage, 5,600 questions were submitted to RMGC by the Ministry of Environment in January 2007;
July 2007 – RMGC begins the construction of the new neighborhood in Alba Iulia, Recea, for the families within the project development area who chose to move to the city;
May 2009 – Inauguration of Recea neighborhood in Alba Iulia; 125 local families moved to their new homes in Alba Iulia.
At present, Rosia Montana Gold Corporation has 310 employees, 280 of whom work in Rosia Montana. 80% of the employees come from the areas influenced by the project: Roșia Montană
Rosia Montana
Roșia Montană is a commune of Alba County in the Apuseni Mountains of western Transylvania, Romania. It is located in the Valea Roșiei, through which the Roșia River flows...
, Abrud
Abrud
Abrud is a town in the north-western part of Alba County, Transylvania, Romania, located on the river Abrud. It administers three villages: Abrud-Sat, Gura Cornei and Soharu.-Population:...
, Câmpeni
Câmpeni
Câmpeni is a town in Alba County, Transylvania, Romania. As of July 2002 the town had a population of 8,080 inhabitants...
and the surroundings.