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Gabriel Resources Ltd. - Notice of Dispute
Notice of Dispute regarding Roşia Montană Mining License LONDON, UK / ACCESSWIRE / August 5, 2024 / Gabriel Resources Ltd. (TSXV:GBU) ("Gabriel" or the "Company") announces that it has filed a notice of dispute against Romania (the "Notice") under …
Notice of Dispute regarding Roşia Montană Mining License
LONDON, UK / ACCESSWIRE / August 5, 2024 / Gabriel Resources Ltd. (TSXV:GBU) ("Gabriel" or the "Company") announces that it has filed a notice of dispute against Romania (the "Notice") under two bilateral investment protection treaties following the Romanian Government's decision not to extend the term of the Roşia Montană exploitation license (the "License").
As previously disclosed, Gabriel's majority-owned Romanian subsidiary, Roşia Montană Gold Corporation S.A. ("RMGC"), submitted a formal request on March 6, 2024 seeking a five-year extension to the term of the License. Despite RMGC's full compliance with all legal and contractual License obligations, as consistently verified by the National Agency for Mineral Resources (NAMR), the competent authority, NAMR denied the extension application on June 20, 2024.
The Company believes this unjustified and arbitrary decision, contrary to Romanian law, represents a further egregious violation by Romania of the rule of law and the Group's established investment rights, as protected by multiple bilateral investment treaties. The timing of this decision, only 3 months following the conclusion of the Company's ICSID arbitration against Romania, strongly confirms a calculated and politically driven decision to irrevocably prevent Gabriel and RMGC from developing the Roşia Montană gold and silver project without due process or fair compensation.
Significantly, throughout its defence of the ICSID arbitration claim, Romania consistently asserted the continued validity of the License, citing its 2019 extension. Consequently, the ICSID decision issued on March 8, 2024 (the "ICSID Decision") was predicated, in significant part, on the License's continued validity.
The Notice, which has been formally served on the President and Prime Minister of Romania, initiates a 90-day cooling off period following which arbitration proceedings may be commenced. Gabriel thus will have the option, but not the obligation, to initiate arbitration. Gabriel has reiterated its openness to high-level discussions with the Romanian Government aimed at reaching a mutually agreeable resolution. To facilitate this, Gabriel has extended a formal invitation to the Government for good-faith negotiations regarding the License extension denial.
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