Traian Basescu: We need the gold from Rosia Montana

The Rosia Montana gold mining project must be carried out, because Romania needs gold for its national reserves, said Romanian President Traian Basescu. He mentioned the rise in the price of gold over the past five years, adding that the central bank gold reserves should increase from 10.7 tons to 200 tons

September 2011 - From the Print Edition

“What country sits on such a fortune without looking for ways to bring it out?” Basescu said. The President spoke about the need for a good plan for environmental protection. “Those who talk about environmental destruction should visit Rosia Montana now,” said Basescu.
He went on to say that the project could not be started without the European Commission’s approval, but this statement was challenged by the Romanian environment minister Laszlo Borbely, who told a press agency that the Rosia Montana project must comply with European best practice guidelines regarding cyanide mining, but does not require any unique approval from the European Commission. “According to EU rules and directives we do not need any special authorization from the European Commission, only to follow these rules,” said the minister.
The scheme, which is projected to cost USD 1 billion, is being run by the Rosia Montana Gold Corporation, controlled by Canadian company Gabriel Resources, which owns 80.46 percent of the share capital. The Romanian state owns 19.31 percent of the stock. Prime Minister Emil Boc said the Government was waiting for a specialist opinion on the project before making a decision regarding the investment. Boc said that, personally, he was not a “fan” of the project and that the current contract, which is not the most advantageous to the state, “should be renegotiated.”