Gold major Newmont Mining has bought an additional 1,5% in Toronto-based Gabriel Resources, bringing its holding in the smaller company to 19,9%, just shy of the 20% threshold that would require Newmont to make a mandatory offer for Gabriel.
The shares were acquired in open market purchases on the TSX, Newmont said in a statement late on Monday.
The acquisition was made for “investment purposes only”, the firm said.
Gabriel halted activity in December last year on its flagship Rosia Montana gold project, in Romania, and is fighting a decision by the government to suspend the review of the environmental-impact assessment for the firm's flagship Rosia Montana gold project.
Newmont is the company's biggest shareholder.
The gold giant nominated two directors for election to the Gabriel Resources board last month.
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