Bulgaria's Gorubso Madan Mine to Receive Investments of BGN 4 M in 2013
Nikola Dobrev, CEO of Bulgarian Plovdiv-based non-ferrous metals plant KCM, has said that the Gorubso Madan lead and zinc mine will receive investments amounting to BGN 4 200 000 in 2013.
Dobrev, as cited by the Bulgarian National Radio (BNR), explained that the innovations in mining amounted to a radical change in the mining technologies for ore extraction and the introduction of high-performance machines.
In end-March, Varba Batantsi, an association of KCM 2000 and Minstroy Holding, acquired over 90% of the shares of Gorubso Madan, thereby putting an end to miners' protests over unpaid wages.
The new mine Varba-Batantsi, which anticipates investments of BGN 2 M, is to secure an output of up to 12 000 tonnes in 2013.
In his Wednesday statement, Dobrev made clear that the productivity would increase two-and-a-half fold as a result of the new investments, equipment, and facilities.
He announced that the mining complex, which the company was yet to develop extensively, had set itself the goal of making sure that 30-35% of the prime raw material processed by Bulgaria's metallurgy industry came from domestic production by 2015-2016.
Dobrev said that one of the main tasks before KCM 2000 in 2013 would be the completion of the new lead plant.
He went on to explain that the new plant was being built using a new technology, with only three plants of this kind in the world.
- » Bulgaria’s Gross Foreign Debt Dips 1.3% Y/Y in May 2016
- » Bulgaria’s Business Climate Worsens in July – NSI Survey
- » Bulgaria Appoints New Deputy Finance Minister
- » Trips of Bulgarians Abroad Rise 21% Y/Y in June
- » Air France Strike to Disrupt Sofia Flights
- » Bulgarian Energy Group BEH Places EUR 550 M Eurobond Issue - Minister