Gabriel Seeks $4.4 Billion After Decades Wait for Romanian Gold
- Company has been trying to build Europe’s biggest gold mine
- Gabriel plans to file claim to World Banks’s settlement arm
Rosia Montana, Romania.
Photographer: Sean Gallup/Getty ImagesThis article is for subscribers only.
What was supposed to be Europe’s largest gold mine may now turn into one of its biggest compensation battles as developer Gabriel Resources Ltd. seeks $4.4 billion from Romania for destroying the value of the long-stalled project.
Gabriel will log the claim Friday with the World Bank’s international settlement arm, the company said in a statement Thursday. Gabriel, which has spent two decades trying to build its Rosia Montana mine in the eastern European country, said the government has unlawfully blocked permits, disregarded existing license rights and ignored all requests for conciliation and negotiation.