Content deleted Content added
rm mult tags, 9 years! |
Tassedethe (talk | contribs) No edit summary |
||
| (33 intermediate revisions by 12 users not shown) | |||
Line 1:
{{Short description|Canadian mining company}}
{{Infobox company
| name = Gabriel Resources Ltd.
Line 6 ⟶ 7:
| foundation =
| founder =
| location_city = [[
| location_country = [[Canada]]
| location =
| locations = RMGS [[London, England]]
| area_served =
| key_people =
| industry = Mining
| products =
Line 19 ⟶ 20:
| net_income =
| assets =
| equity = share price 0.01 [[CAD]]
| owner =
| num_employees = 500 (2008)<ref name=zenobank>{{cite web |url=http://zenobank.com/index.php?symbol=CA;GBU&page=quotesearch |title=Company Profile for Gabriel Resources Ltd (CA;GBU) |accessdate=2008-10-14}}</ref>
| parent =
| divisions =
Line 30 ⟶ 31:
}}
'''Gabriel Resources Ltd.''' is a Canadian [[TSX-V]]-listed resource company focused on permitting and developing
The Project, the largest undeveloped gold deposit in Europe,<ref name=cjm>{{cite web|last=Jamasmie|first=Cecilia|title=Gabriel Resources ready to sue Romania for over $4bn|date=11 September 2013 |url=http://www.mining.com/gabriel-resources-ready-to-sue-romania-for-over-4bn-79386/|accessdate=16 September 2013}}</ref> is owned through Rosia Montana Gold Corporation S.A. (RMGC), a Romanian company in which Gabriel Resources holds an 80.69% stake and [[CNCAF Minvest S.A.]], a Romanian state-owned mining enterprise, the rest.<ref name=igber/>
Rosia Montana is the largest undeveloped gold deposit in Europe,<ref name="amtbi">{{cite news |last1=Touma |first1=Ana Maria |title=Balkan Mining Tycoon Arrested for Alleged Graft |publisher=Balkan Insight |date=14 August 2017}}</ref> hosting measured and indicated resources of 10 million ounces of gold and 47.6 million ounces of silver,<ref name="scotia-bank">{{cite web|last=Kennedy|first=Peter|title=Scotia Capital suspends rating on Gabriel Resources (T.GBU)|url=http://www.stockhouse.com/news/natural-resources/2013/09/13/scotia-capital-suspends-rating-on-gabriel-resource|publisher=Stockhouse|accessdate=16 September 2013}}</ref> together with an inferred resource of 1.2 million ounces of gold{{Citation needed|date=September 2013}}. The project is estimated to produce 626,000 ounces of gold annually during its first five years of operation{{Citation needed|date=September 2013}}, with an estimated average of 500,000 ounces of gold and 1.79 million ounces of silver per year over its 16-year mine life{{Citation needed|date=September 2013}}.▼
Gabriel is headquartered in the UK, listed in Canada and holds its Romanian assets through a Dutch company.<ref name=gft/>
The project is in an area which has been mined for many centuries and as recently as 2006 was subject to open pit mining by CNCAF Minvest.{{Citation needed|date=September 2013}} The project is subject to many protests. In September 2013, street protests took place in [[Bucharest]], [[Cluj Napoca]] and other Romanian cities (see [[2013 Romanian protests against the Roșia Montană Project]]). As a result, Gabriel shares dropped 64 percent (to a total of 41 percent drop this year),<ref name=bwg>{{cite news |title=Gabriel Resources Drops as Romanians Protest Mine: Toronto Mover |url=http://www.businessweek.com/news/2013-09-03/gabriel-resources-drops-as-romanians-protest-mine-toronto-mover |access-date=4 September 2013 |newspaper=Bloomberg BusinessWeek |url-status=dead |archive-url=https://web.archive.org/web/20130906162908/http://www.businessweek.com/news/2013-09-03/gabriel-resources-drops-as-romanians-protest-mine-toronto-mover |archive-date=6 September 2013 }}</ref> its rating being suspended by [[Scotia Capital]].<ref name=scotia-bank />▼
The company was delisted from the [[Toronto Stock Exchange]] in January 2018, and re-listed on the [[TSX Venture Exchange|TSX-Venture]].{{cn}}▼
Its share price is 0.01 [[CAD]], as of 14 November 2024, a 97.44% collapse compared to the price one year ago.<ref>{{Cite web |title=Gabriel Resources Ltd, GBU:CVE summary - FT.com |url=https://markets.ft.com/data/equities/tearsheet/summary?s=GBU:CVE |access-date=2024-03-11 |website=markets.ft.com}}</ref>
==Romanian project==
The history of the Rosia Montana mine site goes back at least to [[Emperor Trajan]]'s time.<ref name=ergr/>
▲Rosia Montana is the largest undeveloped gold deposit in Europe,<ref name="amtbi">{{cite news |last1=Touma |first1=Ana Maria |title=Balkan Mining Tycoon Arrested for Alleged Graft |publisher=Balkan Insight |date=14 August 2017}}</ref> hosting measured and indicated resources of 10 million ounces of gold and 47.6 million ounces of silver,<ref name="scotia-bank">{{cite web|last=Kennedy|first=Peter|title=Scotia Capital suspends rating on Gabriel Resources (T.GBU)|url=http://www.stockhouse.com/news/natural-resources/2013/09/13/scotia-capital-suspends-rating-on-gabriel-resource|publisher=Stockhouse|accessdate=16 September 2013}}</ref> together with an inferred resource of 1.2 million ounces of gold.{{Citation needed|date=September 2013}}
▲The project is in an area which has been mined for many centuries and as recently as 2006 was subject to open pit mining by CNCAF Minvest.{{Citation needed|date=September 2013}} The project is subject to many protests. In September 2013, street protests took place in [[Bucharest]], [[Cluj Napoca]] and other Romanian cities (see [[2013 Romanian protests against the Roșia Montană Project]]). As a result, Gabriel shares dropped 64 percent (to a total of 41 percent drop this year)
==History==
The company now known as Gabriel Resources was formed on 19 July 1986.<ref name="bvdep">{{cite news |title=Mint Global - company report of Gabriel Resources |url=https://www.banktrack.org/manage/ems_files/download/company_report_gabriel_resourcse_ltd_/081231_company_report_of_gabriel_resources_ltd_mint_global.pdf |agency=Mint Global |publisher=BvDEP |date=10 February 2010}}</ref>
The Rosia Montana properties were transferred from the communist-governed state of Romania around its destruction in 1989 to a company controlled by [[Frank Timis]], who brought his titles to [[Toronto]], which was once the world's mining finance centre. Timis then bought an idle publicly listed Yukon company and renamed it Gabriel Resources, and into Gabriel transferred his titles.<ref name=igber/>
Gabriel Resources was listed on the [[Toronto Stock Exchange]] in year 2000.<ref name=ergr/>
At some point in 2005, [[Vanessa Redgrave]] called Gabriel "a modern-day vampire".<ref name=igber/>
In November 2009, the [[Beny Steinmetz]] Group (BSG) invested US$64.4 million in Gabriel,<ref name="mjbs">{{cite news |title=Beny Steinmetz Group invests in Gabriel Resources |url=https://www.mining-journal.com/europe-middle-east/news/1146776/beny-steinmetz-invests-gabriel-resources |publisher=Mining Journal |date=13 November 2009}}</ref> for 9% of the shares.<ref name="igber">{{cite news |last1=Reguly |first1=Eric |title=In Gold Blood |url=https://www.newsweek.com/gold-blood-251438 |publisher=Newsweek |date=20 May 2014}}</ref>
In June 2010, the BSG increased its investment in Gabriel by C$100 million.<ref name="bsg100">{{cite news |title=Steinmetz up C$100m on Gabriel Resources holding |url=https://en.globes.co.il/en/article-1000575852 |publisher=Globes.co.il |date=20 July 2010}}</ref>
In 2013, its rating was suspended by [[Scotia Capital]].<ref name=scotia-bank />
In fall 2013, the Romanian government proposed to give Gabriel the right to expropriate land; this triggered mass protests and influenced the [[2014 Romanian presidential election]].<ref name=igber/>
In January 2015, [[Newmont Corporation]] was listed as a substantial shareowner in Gabriel, which had at the time a market capitalisation of C$250 million.<ref name="gft">{{cite news |last1=Wilson |first1=James |title=Gold explorer Gabriel Resources seeks arbitration with Romania |url=https://www.ft.com/content/81da52ae-a094-11e4-8ad8-00144feab7de |publisher=The Financial Times |date=20 January 2015}}</ref>
In June 2017, the company sued the government of Romania for $4.4 billion at the [[World Bank Tribunal]], due to delays in the Rosia Montana project.<ref>{{Cite news|url=https://www.reuters.com/article/gabriel-romania-court/canadas-gabriel-resources-to-seek-4-4-bln-in-damages-from-romania-idUSL1N1JK0QU|title=Canada's Gabriel Resources to seek $4.4 bln in damages from Romania|last=Taylor|first=Susan|date=2017-06-29|work=Reuters|access-date=2018-04-25|language=en-US}}</ref> Gabriel claimed that there were several breaches of international investment treaties.<ref name=ergr/>
▲The company was delisted from the [[Toronto Stock Exchange]] in January 2018, and re-listed on the [[TSX Venture Exchange|TSX-Venture]].{{cn|date=March 2021}}
In June 2018, Jonathan Henry departed the CEO position which had held for eight years.<ref name="ergr">{{cite news |last1=Reguly |first1=Eric |title=Once promising Gabriel Resources loses another CEO as company's prospects dim |url=https://www.theglobeandmail.com/business/industry-news/energy-and-resources/article-once-so-promising-gabriel-resources-loses-another-ceo-as-companys/ |publisher=The Globe and Mail Inc |date=11 June 2018}}</ref>
On March 8, 2024, Gabriel Resources lost a damage claim against Romania for the failed gold mine project.<ref>{{Cite web |date=March 9, 2024 |title=Canada's Gabriel Resources loses damage claim against Romania for failed gold mine project |website=[[Reuters]] |url=https://www.reuters.com/markets/commodities/canadas-gabriel-resources-loses-damage-claim-against-romania-failed-gold-mine-2024-03-08/ }}</ref> An arbitration panel of the [[International Centre for Settlement of Investment Disputes]] rejected Gabriel's claim for damages resulting from Roșia Montană being blocked by the Romanian government, and instead awarded Romania US$10 million in legal fees and expenses.<ref name=fp2024 />
==See also==
Line 50 ⟶ 86:
* [http://www.gabrielresources.com Official website]
* [http://www.rmgc.ro RMGC Official website]
* [http://rosiamontana.org/ Save Rosia Montana Campaign Official website] {{Webarchive|url=https://web.archive.org/web/20070202124900/http://rosiamontana.org/ |date=2007-02-02 }}
* [http://www.europanostra.org/rosia-montana/ Save Rosia Montana - The Voice of Cultural Heritage in Europe]
* [https://web.archive.org/web/20130912092855/http://saverosiamontana.com/ Save Rosia Montana - English website]
Line 60 ⟶ 96:
[[Category:Companies established in 1995]]
[[Category:Roșia Montană Project]]
[[Category:Gold mining companies of Canada]]
[[Category:Gold mining companies of Romania]]
| |||