Georgi Zlatev has been appointed Chief Executive Officer of Bulgaria's largest coal mining company, the Maritsa Iztok Mines (Mini Maritsa Iztok EAD).

Zlatev was appointed CEO of the state-owned company on Monday through a decision of the Bulgarian Energy Holding.

The new CEO of the Maritsa Iztok Mines was previously chief executive of briquette producer Brikel of energy tycoon Hristo Kovachki, according to reports of investor.bg.

In a Monday statement, Zlatev claimed that he did not know the reasons behind the decision to replace Stanimir Kazalachev, the previous CEO of the state-owned coal mining firm.

Zlatev also made clear that he had been invited to become CEO of the Maritsa Iztok Mines by BEH.

Asked to comment on proposed legal changes aimed at reducing the use of coal, he insisted that such a measure was impossible to implement in Bulgaria at the current stage.

A few days ago Andon Andonov, MP from center-right party GERB (Citizens for European Development of Bulgaria), announced that the Maritsa Iztok Mines had to receive BGN 120 M from debtors.

Several weeks ago, Bulgarian Economy and Energy Minister Dragomir Stoynev bragged about a record-high coal output in December, at 3.3 million tones.

On Friday, a contract was signed with the European Bank for Reconstruction and Development, which should allow the Maritsa Iztok Mines to purchase of three new excavators, the first upgrade at the company since 1992.

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