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«ISSN 1582–5949 annals.up.economics Universitas Publishing House Petroşani - Romania ANNALS OF THE ...»

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ISSN 1582–5949



Universitas Publishing House

Petroşani - Romania





From 2009 the journal is classified in the B+ Category (code 23) by the

National Council for Scientific Research in Higher Education from

Romania (CNCSIS).


Prof. Eng. Ioan-Lucian BOLUNDUŢ Ph.D., e-mail: ibol@upet.ro


 Prof. Ioan ABRUDAN Ph.D.  Assoc. Prof. Francesco PASTORE University of Petroşani, Romania  Assoc. Prof. Valentina FETINIUC Technical University of Cluj-Napoca, Ph.D. Second University of Napoli, Romania Italy Ph.D. International Center for  Prof. Crişan ALBU Ph.D. Academy  Prof. Marina PESHKOVA Ph.D.

Research into Economic Mine University of Moscow, Russia Transformations, Republic of Moldova of Economic Studies, Bucharest,  Prof. George POEDE Ph.D.

 Prof. Jaime GIL ALUJA Ph.D.

Romania  Prof. Ionel BARBU Ph.D. „Aurel „Al.I.Cuza” University of Iaşi, Royal Academy of Economics and Romania Vlaicu” University of Arad, Romania Finance, Barcelona, Spain  Prof. Mirjana RADOVIĆ  Prof. Mircea BARON Ph.D.  Prof. Janusz GRABARA Ph.D.

MARKOVIĆ Ph.D. Institute of University of Petroşani, Romania Czestochowa University of  Prof. Constantin BÂGU Ph.D. Economic Sciences, Belgrade, Serbia Technology, Poland  Assoc. Prof. Il

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Language Reviewer:  Assoc. Prof. Gabriela DUMBRAVĂ Ph.D., University of Petroşani, Romania Technical Editor:  Assist. Prof. Marian FOAMETE University of Petroşani, Romania Annals of the University of Petroşani, Economics, 12(1), 2012 3

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Baron, M. The Contribution of „Ruda 12 Apostoli” Mining Association in 5 Brad to the Development of Transylvanian Gold Mining between 1884Brutu, M.; Mihai, D. Identifying Key Trends of Direct Sales in the European 15 Union Burcea, F.C.; Ungureanu, E.; Bâldan, C.F. Energy Intensity - a Key 25 Indicator for the Economic Development Căruntu, C.; Lăpăduși, M.L. Methods Used in Determining the Value 33 Added Used in the Assesment of the Company’s Real Economic Power Cenar, I. Accounting Policies and Estimates in Municipalities Between Norms 49 and Reality Criveanu, I.; Sperdea, N.M.; Criveanu, R.C. Obtaining Food Safety by 61 Applying HACCP System Croitoru, E.L.; Ungureanu, M.D. Consideration Regarding the Taxation in 69 Finland and Romania Dima, I.C.; Man, M. Decisions in Economic-Organisational Entities 77 Operating in a Hostile Environment Dinucă, C.E.; Ciobanu, D. WEB Content Mining 85 Dorr, A.C.; Guse, J.C.; Strassburger, R.; Zulian, A.; Rossato, M.V.

Economic Analysis of the Marketing Channels in Citrus Industry in Brazil Dura, C.; Drigă, I. Russian Multinationals in Romania and Their Impact upon 109 the Romanian Economy Gruiescu, M.; Ungureanu, M.A.; Ioanăş, C. Credit Risk. Determination 121 Models withdrawn Ionescu, C. The Herd Behavior and the Financial Instability 129 Ionescu, C. Incomplete Markets and Financial Instability. The Role of 141 Information Ionescu, I.Gr. Reform, Organisation and Consolidation of the Romanian 151 Banking System Ionescu, I.Gr. Categories and Types of Banking Institutions 163 Majláth, M. Using Social Media by Micro Enterprises – Case Study for 171 Understanding Motivation, Practice and Expectations Man, M.; Măcriș, M. The Finance Perspective of the Health Systems in the 181 E.U. Countries 4 Annals of the University of Petroşani, Economics, 12(1), 2012 Medar, L.I.; Chirtoc, I.E. Analyse of Labor Force Mobility Phenomenom on 193 Romanian Internal Market Miculeac, M.E. Analysis and Accounting of Total Cash Flow 205 Monea, M.; Miculeac, M.E. Correlated Analysis of Client-Credit Cost with 217 the One of Supplier - Credit Cost Munteanu, A.; Brezeanu, P. Between Parcimony and Complexity: 225 Comparing Performance Measures for Romanian Banking Institutions Popa, A.; Zaharia, D.L.; Dumitrache, A. Best Practices Regarding the 233 Organization and Functioning of Audit Committees Popovici Bărbulescu, A. Stakes and Challenges of Business Women on the 247 Romanian Labour Market Poteraj, J. The Old Age Pension System in a Tax Haven: The Case of the 255 Bahamas Rădneanțu, N. Evolution of Intangible Assets – Case Study Knowledge – 266 Based Companies Vs. Organizations Top 100 Issuers After Capitalization Radulescu, M.; Tanascovici, M. Profitability of the CEE Banking Systems 274 During the Crisis Period Sengur, E.D. Relationships Among Components of Engagement Risk 292 Trandafir, A. Impact of Financial Crisis on Black Sea Tourism 305 Book Review Annals of the University of Petroşani, Economics, 12(1), 2012, 5-14 5 THE CONTRIBUTION OF „RUDA 12 APOSTOLI” MINING



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ABSTRACT: One of the major gold mining regions in Romania is part of the gold rectangle in the Apuseni Mountains and lies around the town of Brad. It is here that the”Ruda 12 Apostoli” Mining Association of cuxas was established at the end of the XVIIIth century. This association was to become the most important unit for the mining of precious metals in the entire Austrian – Hungarian Empire after 1884, when it was taken over by the German company ”Harkortschen Bergwerke und Chemische Fabriken zu Schwelm und Harkorten A.G.

zu Gotha”, preserving its status in the interwar Romanian as a component of the ”Mica” Mining company. This mining complex had a production of 27,919.520 kg of gold between 1884 – July 1, 1911.

KEY WORDS: Romania; Brad; the last quarter of the XIXth century – the beginning of the XXth century; gold mining; the”Ruda 12 Apostoli” Mining Association.

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The continuity of gold mining in the Brad area (Hunedoara county), since ancient Rome up to the modern age is mainly attested by mining operations, as “no matter how many slaves and war prisoners the Romans would have used, they still would not have been able to drive so many galleries in 150 years, given the means available at the time, but they are the result of the work of local people, throughout the Middle Ages”1.

Ion Rusu Abrudeanu states that “reliable notes date the resuming of newer mining operations in Ruda area in mid – XVIIIth century”. Around 1760, except the mines in Valea Arsului, which belonged to the locals gathered in a mining association2,  Prof., Ph.D., University of Petroşani, Romania, baron@upet.ro, baron_mircea@yahoo.com Ilie Haiduc, Industria aurului din România, Editura „Adeverul”, Bucureşti, 1940, p. 83 Art. 138 of the Austrian Law of Mines in May 25, 1854, stipulated that ”a mining association of cuxas is a union whose objective is to achieve a mining of resources in which each participant has a responsibility 6 Baron, M.

the other mines, including the ones at Ruda, were the property of the Ribiczey Adam family, who exploited them most efficiently up to the locals uprising in 1784, when they were ravaged and their owner was killed in his mansion in Ribiţa village. It is considered that, in 1791, these mines become the property of count Toldalagy and baron Zeyk, who founded the mining associations ”Ruda 12 Apostoli” at Ruda and ”Sfântul Ioan Evanghelistul” at Zdraholţ.

The German company ”Harkortschen Bergwerke und Chemische Fabriken zu Schwelm und Harkorten A.G. zu Gotha” was to take over the 128 cuxas of the ”Ruda 12 Apostoli” Mining Association, together with Ruda and Barza mines, for 600,000 florins in 1884 and 1887. In 1889, the same company took over the 128 cuxas of the ”Sfântul Ioan Evanghelistul” Mining Association at Zdraholţ, together with the mines in Valea Morii and Valea Arsului3. It is worth mentioning that, on grounds of the decision of the General Assembly of the ”Sfântul Ioan Evanghelistul” Mining Association in October 18, 1908, the ownership right of the mining complexes bearing the name ”Sfântul Ioan Evanghelistul” is granted to the ”Ruda 12 Apostoli”4.

In 1899, as a continuation of the extension process and for the establishing of a unique mining complex, under the name of ”Ruda 12 Apostoli”, the ”Harkortschen Bergwerke und Chemische Fabriken zu Schwelm und Harkorten A.G. zu Gotha” Company purchased the 124 cuxas of the ”Musariu Gold Mines”5 Association, created in 1889 by”Industrie Gesellschaft Geislingen” Company in Würtemberg, as a result of purchasing Musariu and Dealu Fetii mines, as well as mines belonging to other surrounding companies6. On April 2, 1910, in separate general meetings, it was decided that the ”Musariu Gold Mines” Association should merge with the ”Ruda 12 Apostoli” Mining Association and that all the fixed assets should become property of the ”Ruda 12 Apostoli” Mining Association7.

The ”Harkortschen Bergwerke und Chemische Fabriken zu Schwelm und Harkorten A.G. zu Gotha” Company was to become part of the ”Ruda 12 Apostoli” mining complex, the most important precious metals mining unit in the entire Austrian – Hungarian Empire and, actually, in Central and South – eastern Europe8. The first mine purchased by the Company had an outer surface of 0.5 km2, the owned area being proportional to its participation to the common assets, both regarding the contribution to the business, and all the obligations assumed in the name of the association in front of third parts” (Legea generală minieră din mai 1854, în „Legea Minelor austriacă. Din 25 mai 1854”, Tipografia „Lupta” Nicolae Stroilă, Bucureşti, 1923, p. 39). The assets of a mining association could be divided into a maximum number of 128 cuxas (equal rights), and one cuxa into a maximum number of 100 parts Ion Rusu Abrudeanu, Aurul românesc. Istoria lui din vechime şi până azi, „Cartea Românească”, Bucureşti, 1933, p. 255 Direcţia judeţeană Hunedoara a Arhivelor Naţionale (hereafter DJANH), Fond Societatea „Mica”, dos.

22/1927, f. 60 Nicolae Maghiar, Ştefan Olteanu, Din istoria mineritului în România, Editura Ştiinţifică, Bucureşti, 1970, p. 215 DJANH, Fond Societatea „Mica”, dos. 27/1927, f. 72, 89. Despre Asociaţia minieră „Minele de aur Musariu”, vezi: xxx, Brad és vidékének aranybányászata. Erdély, Magyarszág, 1899. év végével, p. 36-49 DJANH, Fond Societatea „Mica”, dos. 10/1920, f. 256-258 F. Schumacher, Die Golderzlagerstätten und Goldbergbau der Rudaer Zwölf - Apostel - Gewerkschaft zu Brád in Siebenbürgen, Max Krahmann, Bureau für praktische Geologie, Berlin, 1912, p. 3 The Contribution of „Ruda 12 Apostoli” Mining Association in … 7 expanded systematically to 16 km2 in 19039, and to 1761.3769 ha around World War I.

This surface covers the 254 mining concessions ”purchased by Harkort’sche Bergwerke und Chemische Fabriken A.G in Gotha Company”…These concessions refer to the exploitation of the gold mines in Brad area, situated on the territory of the following villages: Brad, Ruda, Criştior, Ţereţel, Luncoiul de Sus and Ormindea”, as points out a document of ”Mica” Company, dated July 2, 1926, addressed to the President of the Regional Court Deva10.

This complex yielded between 1884 – July 1, 1911, a production of 27,919.520 kg of gold11; 1912 was the year of the highest annual production, 2,002.350 kg of gold, of which 936.324 kg of native gold, and the rest was obtained from stamped ore;

unfortunately, under the circumstances determined by World War I, production was to drop to 610. 934 kg of gold in1918, the mines tending to become inefficient12.

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1911/12 175.087 1040,607 936,324 25,419 2002,350 11,43 1912/13 165.102 818,835 1029,953 28,103 1876,891 11,37 1913/14 186.835 1032,855 880,230 35,017 1948,105 10,43 1914/15 148.516 886,170 654,525 10,000 1550,695 10,44 1915/16 72.051 485,236 747,471 12,000 1244,707 17,27 1916/17 48.398 349,331 526,769 66,692 942,792 19,48 1917/18 63.049 397,326 586,184 43,144 1025,654 16,27 1918/19 45.701 257,454 413,530 - 670,934 14,68 1919/20 62.928 312,173 346,316 - 658,489 10,46 1920/21 53.414 305,752 380,299 - 686,051 12,84 There are three main periods14 in the development of the ”Ruda 12 Apostoli”

Mining Association:

1. 1884-1890, when less than 30,000 to of ore are processed annually by stamping, yielding a low gold content and involving high mining costs;

2. 1890-1898, when 45-70.000 to of ore are processed annually by stamping, at fairly high costs – 15 – 18 crowns/to – but with a production of up to 833 kg of gold in1896/1897 and an average of 12 gr of gold/to;

3. after 1898 when the Processing Plant at Gurabarza started operations, processing 170 – 190,000 to of ore annually. Gold concentration decreases with 2 – 3 gr/to in comparison with the previous periods, as the plant processes more stamping ore than ore containing visible gold. However, a massive processing of ore, even if with a lower content of precious metal, is more profitable on the long run than the exclusive exploitation of areas where ores contain visible gold, because the latter method leads, in time, to the exhaustion of resources and a low efficiency of mining. In this period there is a ratio of 0.46:1 between the production of free gold and the production of gold obtained by stamping; there were also moments when the production of free gold was equal to or exceeded that of stamping gold, but these could not change the ratio. This, among other things, explains both the longevity of the ”Ruda 12 Apostoli” mining complex, and its production.

This evolution was determined by a series of natural factors, mainly by the orographic and petrographic configuration of the deposit, and also by the capacity of the personnel to account the deposit at ”Ruda 12 Apostoli”.

The mines of the ”Ruda 12 Apostoli” mining complex were grouped around the Barza mountain as it follows: mines Ruda - Barza in the Barza massif; mines Musariu - Dealu Fetii, to the west, between Dealu Fetii hill and the Barza mountain;

mines Valea Arsului - Valea Morii, to the east, between the Barza and the Măgura mountains.

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