Dundee Precious Metals Chelopech, a subsidiary of Canadian mining firm Dundee Precious Metals, operates the Chelopech gold and copper mine in Bulgaria. The licence covers an area of 266 hectares and includes the area of the Chelopech mining operation and the immediate surrounds. It operates under a concession agreement that was granted by the Republic of Bulgaria in 1999 for a period of 30 years. The company is engaged in mining and processing of copper-gold ore.
The Chelopech mine operated profitably throughout the 1980s, peaking at 512,000 tonnes per year. The mine was closed in early 1991 because of unacceptably high levels of arsenic in its concentrates. It resumed production in 1994.
In 1993, Irish mining and exploration company Navan Resources Plc formed a joint venture with a Bulgarian state-owned company Chelopech OOD. The venture called Bulgarian-Irish Mining Company (BIMAK), where Navan initially owned a 68% stake and Chelopech controlled the remaining 32%, was set up to operate the Chelopech gold and copper mine. In September 2003, Dundee Precious Metals paid USD 26.5 million to acquire the Bulgarian assets of Navan after the latter company entered receivership. BIMAK later transferred all of its tangible assets and the operation rights on the mine to Chelopech Mining.
Headquarters
26 Bacho Kiro Str., fl. 3
Sofia; Sofia - city;
Postal Code: 1000
Contact Details: Purchase the Dundee Precious Metals Chelopech EAD report to view the information.
Website: http://www.dundeeprecious.com/Bulgarian/default.aspx
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