Bulgarian copper mining company Asarel-Medet, majority-owned by Austria’s VA Intertrading, completed three investment projects worth 60 million levs at its Panaguyrishte smelter in the central part of the country, the energy ministry said on Monday.
The company built a new cyclical-assembly production line for ore transportation, purchased new ore equipment and has modernised the flotation unit of the plant, the ministry said in a press release. The projects will reduce transport and electricity costs, cut carbon emissions from the vehicles used for transportation, as well as energy costs and copper concentrate production costs.
In February 2014, the Bulgarian government extended by 15 years Asarel Medet’s copper mining concession.
Asarel Medet was set up in 1991 and is based in Panagyurishte, in Southern Bulgaria. In June 1999 the company was acquired by Asarel-Invest – a joint stock company, majority owned by VA Copper Invest – a subsidiary of Austria’s VA Intertrading.