Rosia Montana Gold Corporation, the company which runs the Rosia Montana gold mining project in Romania hopes to manufacture the first gold bar from the site in 2014-2015. The company is currently awaiting the end of procedures at Romania's Environment Ministry, which would allow it to starting mining for gold at Rosia Montana, according to Dragos Tanase, the general manager of Rosia Montana Gold Corporation.

Romania's president Traian Basescu yesterday visited the Rosia Montana site, soon after publicly announcing his support for the project, which has been opposed by many members of the civil society, who fear the cyanide-based mining project would harm the environment.

Basescu has recently said Romania should get more gold out of the project, as the state is a shareholder there, with 19.3 percent, through state company Minvest. The private partner in the project is Canadian mining company Gabriel Resources. The company's CEO Dragos Tanase said the company would be willing to renegociate the benefits.

“I believe in this project. I think it's time Romania exploits its gold, copper, silver with modern technology means, because the price […] allow us to explore without subsidies,” Traian Basescu said after his visit to Rosia Montana.

Works on the mine project, in which Gabriel Resources has invested almost 70 million Canadian dollars, might last up to two years and a half. If no unplanned delays occur, the Rosia Montana project might produce gold by the end of 2014.

editor@romania-insider.com

(photo source: Deutsche Bank)