Canada-based mining company Gabriel Resources has failed to win an arbitrage trial filed against the Romanian government over the proposed gold project in a UNESCO-protected ancient mining area of Rosia Montana.
The miner sought a compensation of at least $4.4 billion in damages for the failed project that was expected to become Europe's largest open pit gold mine.
"The Romanian government salutes this decision and thanks everyone involved in defending the interests of the Romanian state," the cabinet of Romania's Prime Minister Marcel Ciolacu said in a statement cited by Reuters.
Gabriel Resources gained concession rights to the Rosia Montana area in 1999, but the project was constantly in a spotlight from civil rights and environmental activists who argued the project would destroy ancient Roman mine and lead to an ecological disaster. In 2021, UNESCO added Rosia Montana to its list of protected World Heritage Sites.
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. Rosia Montana's remaining reserves were estimated at 314 t of gold and 1,500 t of silver.
Theodor Lisovoy, Editor in Chief of the European bureau, Rough&Polished
