(ADP news) - Nov 11, 2008 – Canadian miner Dundee Precious Metals expects to register a 75/25 joint venture with the Bulgarian state by the year's end, said company official Alex Nestor.
Dundee and the Government shook hands over the joint project in March and Dundee was cleared to proceed with investment plans to build a smelter at its gold and cooper mine near Chelopech, which has an annual output capacity of 1 million tonnes of ore.
Dundee hopes to obtain an integrated pollution prevention and control permit within four months and a building permit by May-June 2009.
The mine expansion project is to the tune of USD 155 million (EUR 121.6m). Bulgaria will pour some USD 40 million into the project, while the Canadian firm will raise USD 68.1 million from an additional share issue.
The initial memorandum included also Dundee's gold mine near Krumovgrad, but later on it was abandoned.
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