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Canada's Gabriel Resources loses damage claim against Romania for failed gold mine project
By Luiza Ilie
Reuters
Saturday, March 9, 2024
BUCHAREST, Romania -- The Romanian government said Friday it won an arbitrage trial filed by Canada's Gabriel Resources, which wanted compensation after its plan to build Europe's largest open-cast gold mine in the western Romanian town of Rosia Montana failed.
Gabriel Resources had sought at least $4.4 billion in damages from Romania when it filed its claim at the World Bank's International Centre for Settlement of Investment Disputes in 2015 for losses related to its stalled project.
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The Romanian government, which had a 20% stake in the project, officially withdrew its support for the mine in 2014 after months of country-wide street protests against it.
"The Romanian government salutes this decision and thanks everyone involved in defending the interests of the Romanian state," the cabinet of Socialist Prime Minister Marcel Ciolacu said in a statement. The government had initially expected a negative ruling. ...
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