Articles > Business magazines > International magazines > WWP-Business Opportunities in Eastern Europe & the CIS articles > January-March 2003 > Wednesday, January 1

Article: ROMANIA: Construction of planned $400,000,000 gold mine is expected to proceed ahead without funding from the INTERNATIONAL FINANCE CORP. (IFC), GABRIEL RESOURCES LTD. [Canada] - Order #: 016903.

Article from:
WWP-Business Opportunities in Eastern Europe & the CIS
Article date:
January 1, 2003
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PROJECT OVERVIEW:

Canada-based GABRIEL RESOURCES LTD. recently decided to proceed ahead with the development of its Rosia Montana gold project in Romania without the participation of the INTERNATIONAL FINANCE CORP. (IFC), the private sector arm of the WORLD BANK (WB). The refusal to participate in the project was reportedly prompted by complaints coming from local environmentalists.

Development plans envision the construction of Europe's largest open-pit mine. In addition, the company plans on building a 1,000-acre tailings pond. According to Robin Hickson, GABRIEL President & COO, the mine in question is expected to produce some 10 million oz of ... 







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