Bulgaria Govt Extends Concession of Copper Mining Firm Elatsite Med

Bulgaria's government has extended by 10 years the concession granted to Elatsite Med AD for the production of porphyry copper-gold ore from the Elatsite deposit located in the Sofia district.

The municipalities of Mirkovo, Chelopech, Chavdar, Zlatitsa, and Etropole, will receive nearly USD 30 M in their budgets as a result of the decision, according to the press office of the Bulgarian government.

The money will be distributed proportional to the share of the deposit which is located on the territory of the respective municipality.

Wednesday's decision of the Cabinet also specifies the area of the concession.

The website of Bulgaria's Ministry of Economy, Energy, and Tourism informs that the concession contract was signed in 1999 for a period of 17 years.