Gabriel Resources, the majority shareholder in Rosia Montana Gold Corporation (RMGC), has spent EUUR 11.6 million on the Romanian mining project in the first half of the year, when the company posted a loss of EUR 21 million.

The Rosia Montana project budget goes up to EUR 34.3 million, out of which the company still has to spend a remaining EUR 19.8 million. Should the project be restarted, Gabriel Resources could increase the budget by an extra EUR 24.6 million for this year.

RMGC is working on the Rosia Montana gold mining project in Apuseni mountains. The project has a total estimated cost of EUR 1 billion.

The project has been halted and is currently awaiting the ok from the Environment Ministry on its environment impact study. The environment minister Laszlo Brobely has recently said the ministry could re-start the authorization procedures for the Rosia Montana mining project.