MAC/20: Mines and Communities

Dundee Precious Metals threatens to pull out of Bulgaria - or not

Published by MAC on 2006-04-19

Dundee Precious Metals threatens to pull out of Bulgaria - or not

19th April 2006

The Canadian company Dundee Precious Metals plans to invest five million dollars in gold deposit research on the territory of Bulgaria.

This investment is listed in the annual report of the company, Dnevnik newspaper reported.

Dundee Precious Metals is carrying out research in the central and eastern Rhodoppe region at the moment. The budget for research there totals four million dollars.

According to the project, the company would search for mineral resources, which Dundee plans to extract in case it wins the state concession. The company also researches in the Chelopech region, where significant gold deposits exist, according to experts.

The project, however, has been halted. Last week Water and Environment Minister Djevdet Chakurov postponed the signing of the Chelopech Mining project. Chakurov said he would like to get the opinion of Economy Minister Roumen Ovcharov, before the project is launched.

Chelopech Mining involves expansion of the gold extraction in the region. The quantity would likely reach three million tons annually. Project investment totals $ 150 million, the company already provided $ 50 million.

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