The restructuring events database contains factsheets with data on large-scale restructuring events reported in the principal national media and company websites in each EU Member State. This database was created in 2002.
Mining / Quarrying Mining And Quarrying Mining Of Metal Ores 07 - Mining of metal ores
530 jobs Number of planned job creations
Announcement Date
11 August 2005
Employment effect (start)
Foreseen end date
Description
Khan Krum, a gold deposit of 750,000 troy ounces, has been discovered by Balkan Mineral and Mining (BMM) near Krumovgrad, the company announced. The initial investment in the development of the field is expected to amount $75 million. Operating costs will reach a total of $79.8 million, BMM said. The concession commission fee to the state will stand at $5.2 million a year, in addition BMM will pay taxes to the amount of $25.9 million a year. The company expects to recoup its investments within two years following the beginning of the mine exploitation. The development of the field will provide 300 jobs, another 230 will be hired during the mine operation period within six years. According to Balkan Mineral and Mining this investment, which will amount $240 million, is the largest in the Rhodopes region and not less than 1,500 people are expected to be hired in the auxiliary processes.
Sources
12 August 2005: Pari
16 August 2005: Trud
Citation
Eurofound (2005), Balkan Mineral and Mining (BMM), Business expansion in Bulgaria, factsheet number 62085, European Restructuring Monitor. Dublin, https://restructuringeventsprod.azurewebsites.net/restructuring-events/detail/62085.
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