BUSINESS

“CHELOPECH MAINING” “Chelopech Maining” Ltd. is daughter association of “Dundy Precious Metals” Inc. The activitiy of the association is extraction and processing of copper-gold ores from deposit Chelopech and production of copper-gold concentrate. Deposit Chelopech is located to the west of village of Chelopech, over the southern slope of the Balkan Mountains in the Zlatitsa valley(Zlatishka kotlovina) and is about 700 meters over the sea level. The geological researches in the area date from 1840. Exploiting of the deposit started in the end of 50’s of XX century. At first the output of the mine and the processing factory is only several thousand tons. In the beginning of 70’s is performed a expansion of the mine and it is built a new ore-dressing factory for concentrate production. During 1991 year changes in the ecology legislation forced the factory to stop working. During December 1993 year a association between “Chelopech” Ltd. – fully state property – and the Irish company “Navan Resources” Pls. is established, later “Navan Resources” Pls. became “Navan Mining” Pls. The mine and the fabric stated to work again in 1994. During July 1999, the state association is privatized and “Navan Chelopech” Ltd is formed. In the end of 2002 “Navan Mining” Pls. is declared bankrupt. After a carried out many aspect techno-economic and financial analyze, for preferential purchaser was chosen the Canadian company “Dundy Precious Metals” Inc. On 30 September 2003 the company successfully ended a a business transaction for the Bulgarian assets of “Navan Mining” Ltd. On 27 February 2004 “Chelopech Mining” Ltd. and Ministerial council of Republic Bulgaria, represented by the Ministry of Economics, signed an advance agreement to the contract for granting conception for ore extraction – gold-copper-pyrite ores from deposit of Chelopech, region Sofia. From the small companies there are: “Chelteh” Ltd. and “Hydrostroi” Ltd. As a whole the economic landscape in the region is defined as private initiative.