Gabriel Resources, which sued Romania before the World Bank's International Center for the Settlement of Investment Disputes (ICSID) for administrative measures that blocked the development of the Rosia Montana gold mining project, announced that the arbitral tribunal declared the proceedings closed on September 14, 2023.

According to sources familiar with the arbitration consulted by G4media.ro, the final amount requested by Gabriel through interest recalculation has doubled, reaching USD 6.5 billion. It is up to the judges to decide whether and how much Gabriel Resources will receive in damages.

Under Article 46 of the ICSID Arbitration Rules, the tribunal must issue a final decision to the parties within 120 days of the closure of the proceedings.

However, the tribunal is allowed to take an additional 60 days if it cannot draft the judgment within this time frame.

iulian@romania-insider.com

(Photo source: Dreamstime.com)