Gabriel Resources plans to file a statement of claim in its arbitration case against Romania seeking an amount equivalent to $5.7bn as compensation for the losses itincurred as a result of Romania’s investment treaty violations.

By licensing and then blocking the implementation of the Projects, without due process and without compensation, Romania has deprived Gabriel entirely of the use, benefit and value of its investments in Romania, including its rights to develop the Projects. Gabriel’s claim is based on violations by Romania of several provisions of the Treaties, including due to:

 the expropriation of its investments in Romania without compensation;

 the failure to accord to its investments fair and equitable treatment and full protection and security; and

 the impairment of its investments by discriminatory and unreasonable measures.

The Memorial will detail factual and legal arguments supporting Gabriel’s claim against Romania and the quantum of the damages sustained due to Romania’s violation of the Treaties. It will be submitted to the arbitral tribunal constituted under the auspices of the World Bank's International Centre for Settlement of Investment Disputes (ICSID). The next steps in the current schedule of the ICSID proceedings include:

 Romania to file its response to the Memorial (“Counter-Memorial”) by February 15, 2018.

 Gabriel to file a reply to the Counter-Memorial (“Reply”) by September 5, 2018.

 Romania to file its response to the Reply (“Rejoinder”) by February 19, 2019.

 A hearing on the merits of the claim before the Tribunal, scheduled to occur from September 9 to 20, 2019.

Jonathan Henry, Gabriel’s President and Chief Executive Officer, stated:

“For over two decades, Gabriel has operated in good faith and has complied with all applicable Romanian and European Union legal and regulatory requirements to obtain the requisite permits for the Projects. The Company has developed and committed to a comprehensive plan of investment for the sustainable development of the Ro?ia Montana region and all stakeholders, including protections for cultural heritage and cleaning up the widespread environmental damage caused by historic State mining activities. Gabriel’s plan for Ro?ia Montana has always had the support of the majority of local residents.

“The Romanian Government unlawfully blocked the permitting of the Ro?ia Montana Project and then acted in manifest disregard of Gabriel’s agreement with the State and existing license rights. The actions of the Romanian Government are tantamount to expropriation of Gabriel’s investments in Romania. As Gabriel’s requests for conciliation and negotiation have been completely ignored by the Romanian Government, the only recourse left to the Company is to vigorously pursue this arbitration to its conclusion. Tomorrow we plan to file a robust, detailed statement of claim and seek compensation in the amount of $5.7 billion.”