New Materials market report from Business Monitor International: "Romania Mining Report 2016"
[ClickPress, Fri Jul 22 2016] Romania's potential as an important centre for European mining remains undermined by a number of ongoing challenges. While efforts are being made on a governmental level to improve the business environment by reducing corruption and providing a steady economic platform from which to support private sector activity. However, this has only partly filtere d through to the mining sector, where foreign operators continue to meet with a number of challenges. As well as a lingering infrastructure deficit, the government's opposition to Gabriel Resources' Rosia Montana mining project highlights the opposition towards commercial mining ventures that still exists in the country and that has prevented the country from fully leveraging its significant resources. Pressure on the government to reduce its carbon emissions is meanwhile resulting in the steady decline of the coal mining industry. These obstacles aside, the anticipated commencement of activity at Eldorado Gold's Certej gold mining project later this year should lead to significant growth in gold production over the next few years.
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In April 2016, Carpathian Gold announced it had undertaken a private placement worth a reported minimum of CAD10mn which will allow it to advance operations at the Rovina Valley gold mining project in Romania.
In February, Romania's government declared that mining activity at the Rosia Montana gold mine was 'prohibited', declaring the surrounding region a historic site of national interest. Canada's Gabriel Resources had been trying to securing mining rights for the project for the past 15 years and is reported to have invested USD500mn in exploration and feasibility studies.
Commencement of mining activity at Eldorado's Certej mine should provide a substantial boost to Romania's overall gold output over the next few years. Production is forecast to grow by 24% in 2016, with the project set to come online towards the end of the year. Output is expected to reach nearly 160koz a year by 2020, compared with an estimated 21koz in 2015.
However, we forecast coal production to contract further due to the winding down of hard coal mining projects across the country. Output will fall by 4.5% in 2016, falling from about 34 million tonnes (mnt) in 2015 to less than 29mnt in 2020.
The Romania Mining Report has been researched at source and features BMI Research's mining and commodity forecasts for metals, minerals and gems, covering all major indicators including reserves, production, exports and values. The report also analyses trends and prospects, national and multinational companies and changes in the regulatory environment.
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