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Romania Mining Report 2016

  • July 2016
  • -
  • Business Monitor International
  • -
  • 41 pages

Includes 3 FREE quarterly updates

BMI View: Romania's potential as an important centre for European mining remains undermined by anumber of ongoing challenges. While efforts are being made on a governmental level to improve thebusiness environment by reducing corruption and providing a steady economic platform from which tosupport private sector activity. However, this has only partly filtered through to the mining sector, whereforeign operators continue to meet with a number of challenges. As well as a lingering infrastructuredeficit, the government's opposition to Gabriel Resources' Rosia Montana mining project highlights theopposition towards commercial mining ventures that still exists in the country and that has prevented thecountry from fully leveraging its significant resources. Pressure on the government to reduce its carbonemissions 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 yearshould lead to significant growth in gold production over the next few years.Latest Updates And Forecasts:

- In April 2016, Carpathian Gold announced it had undertaken a private placement worth a reportedminimum of CAD10mn which will allow it to advance operations at the Rovina Valley gold miningproject 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 GabrielResources had been trying to securing mining rights for the project for the past 15 years and is reportedto have invested USD500mn in exploration and feasibility studies.

- Commencement of mining activity at Eldorado's Certej mine should provide a substantial boost toRomania'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 160koza 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 miningprojects 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.

Table Of Contents

Romania Mining Report 2016
BMI Industry View 5
Table: Mining Industry Value 2013-2020 5
SWOT 6
Industry Forecast 8
Gold: Growth, But Mixed Fortunes For Investors 8
Table: Gold Production Forecast (Romania 2012-2020) 8
Table: Romania - Key Gold Projects 10
Coal: Decline To Continue 11
Table: Coal Production Forecast (Romania 2013-2020) 11
Industry Risk Reward Ratings 16
Europe: Risk/Reward Index 16
Table: Europe - Mining Risk/Reward Index 18
Regulatory Development 19
Tax Regime 20
Corruption A Major Concern 20
Table: BMI Romania Politics 21
Commodities Forecast 23
Commodities Outlook 23
Table: BMI Commodities Price Forecasts 23
Competitive Landscape 24
Company Profile 26
Mechel 26
Table: Mechel - Financial Data 28
Eldorado Gold 29
Table: Eldorado - Financial Data 30
Regional Overview 31
Methodology 38
Industry Forecast Methodology 38
Sources 39
Risk/Reward Index Methodology 40
Table: Weighting Of Indicators 41

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