Economy minister says Romania’s exploitable gold reserves hover around 700 tons

Newsroom 07/10/2013 | 13:58

Romania has a gold quadrilateral bearing around 700 tons of exploitable resources, said on Monday Varujan Vosganian, economy minister, during a special Parliamentary hearing on the Rosia Montana mining bill, reports Agerpres newswire.

Vosganian claimed the deposits are located in the Muntii Metaliferi (ore mountains), in Northeastern Romania.

He said there are 300 tons of gold in Rosia Montana, where Rosia Montana Gold Corporation (RMGC), controlled by Canada’s Gabriel Resources, plans to develop the largest open pit in Europe. There are around 200 tons in Rovina and 80 tons in Carpathian Gold. The deposit in Certej – where Canada’s Eldorado Gold plans to start mining activities – bears 120 tons of gold.

“This is a very big quantity,” commented Vosganian on the figures. He added the exploitation of these deposits could double Europe’s gold production.

The minister declared the deposits may be worth EUR 31 – EUR 32 billion, based on the current gold price of USD 1,300 per ounce.

Ovidiu Posirca

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