Gabriel Loses $4.4 Billion Claim for Halted Romanian Gold Mine
- Developer sought compensation for Rosia Montana project
- Huge mining project was subject to public protests in 2013
A mining decantation lake near Rosia Montana, Romania.
Photographer: Ionut Iordachescu/AFP/Getty ImagesThis article is for subscribers only.
Gabriel Resources Ltd., a Canadian developer which aimed to build one of Europe’s largest gold and silver mines, has lost a $4.4 billion damages claim against Romania for quashing the project more than a decade ago over environmental concerns.
The World Bank’s international settlement arm dismissed Gabriel’s case and awarded Romania about $10 million in legal fees and expenses, the company said in a statement on Friday.