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Rosia Montana project direct economic benefits estimated at over 5.2 bln dollars

The Rosia Montana opencast mining project is expected to generate approximately 2.3 bln dollars in aggregate revenues to the state budget and local budgets, plus direct effects on the Romanian economy worth about 2.9 billion dollars, calculated for a reference price of $ 1,200 / ounce (stockpile bullions).

The project’s total direct economic benefits for Romania are estimated at over 5.2 billion dollars, according to the draft Agreement on specific measures related to the exploitation of gold and silver ores in the Rosia Montana perimeter, published on the website of the Department for Infrastructure Projects and Foreign Investments (DPIIS).

Of the 2.3 billion dollars, 591 million dollars will result from gold and silver mining royalties. Dividends collected by the Romanian state, as shareholder, through Minvest or the successor of Minvest, will reach 580 million dollars, the corporate tax is 445 million dollars, and the tax on dividends and interests of non-residents accounts for 368 million dollars.

The state will also collect 200 million dollars in taxes and social security contributions related to wages, 115 million dollars in excise duties on fuel, plus 56 million dollars in other taxes and dues (taxes on property, the environment fund, the mining license tax, royalties for the machinery used in the construction of the mine, taxes for construction permits, taxes on the repurposing of land under forest, other fees).

„For the Romanian state to work out an as accurate as possible projection of the budget resources obtained from the Rosia Montana mine exploitation, the investor undertakes to provide to the Ministry of Public Finance, within three months from the end of each tax period of RMGC (Rosia Montana Gold Corporation) the table with the direct benefits, updated with the fluctuations of the parameters that are determinant for these benefits. In addition to the benefits to the Romanian state, the investor undertakes, while fully carrying out the operations provided for in the Assessment Report on the environmental impact study of RMGC, to create and maintain an average of 2,300 direct jobs during the construction of the mining project and an average of 900 direct jobs during the operation phase,” the draft Agreement reads.

Also, should the investor intentionally fail to comply with these provisions, the Romanian state is entitled to request and obtain from Gabriel Resources (GBU) reasonable compensation for any direct damage incurred, if GBU and RMGC are unable to offer remedy for the violations in a reasonable term.

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