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Prime Minister Boiko Borissov officially opens Dundee Precious Metals Ada Tepe Mine

The first new mine in Bulgaria in 40 years, operated by Dundee Precious Metals, was officially opened in Krumovgrad on August 23rd 2019.

The opening ceremony was attended by Boiko Borissov, Bulgaria’s Prime Minister, Tsveta Karayancheva, National Assembly Chairperson, Vladislav Goranov, Minister of Finance, Sebihan Mehmed, Krumovgrad’s Mayor, Mark Rachovides, EUROMINE president and other officials. Rick Howes, DPM’s President and CEO, Jonathan Goodman, Chairperson of the Boards of Directors, together with board members of DPM and the Dundee Corporation were also among the special guests at the event.

Urban welfare and increasing foreign investments are two priorities of the Bulgarian government, Boiko Borissov stated in his opening speech.

He also highlighted the successful execution of a number of governmental programs that make local settlements a better place to live in. “Perhaps on your way here today, you’ve noticed the state of the road from Kardzhali to Momchilgrad and Krumovgrad. Some of you perhaps remember the landslides not so long ago - there was simply no road left, whole sections were just gone”, he pointed out. Mr. Borissov added that tens of millions have been invested in the region’s infrastructure, so that billions of investments could follow.

The PM also underlined the importance of creating more jobs and offering good remunerations. “Hundreds of Bulgarian citizens, work here. The average monthly remuneration now is BGN2100, next year it would increase to BGN2700.”, said Borissov.

Dundee Precious Metals EAD has invested over one billion leva in Bulgaria. The Company first commenced its mining operations in Chelopech 15 years ago. We have invested over 860 million leva in production upgrades, on-the-job improvements and environmental protection, both in Chelopech and the region.

DPM’s has invested 280 million leva in Krumovgrad, to date. Nearly 300 people have been engaged to work in the Ada Tepe mine and processing plant, of which 90% are locals. 17 million leva will be dedicated to the development of local infrastructure, health care, education, sports and cultural heritage preservation. Together with the Krumovgrad Municipality, we have set up a special fund to support local micro, small and medium enterprises and entrepreneurs. The fund will disburse USD5M over the next 8 years.

A technological advancement in environmental protection in the mining industry, is the Integrated Mine Waste Facility, established at Ada Tepe. The facility ensures complete recycling of process water and progressive rehabilitation.

Rick Howes, President and Chief Executive Officer of Dundee Precious Metals and Jonathan Goodman, Chairperson of DPM’s Board of Directors, greeted all official guests and Company employees in Chelopech and Krumovgrad at the official opening. They reiterated that the Ada Tepe mining and processing facility will operate at the highest standards regarding safety, environmental protection and social responsibility.

Dr. Iliya Garkov, Vice President of Dundee Precious Metals and General Manager for Bulgaria noted: “I am proud of the work of our team and the results we have achieved. I thank the local community, local municipal and district authorities and NGOs, who helped us make this mine site a better one and set an example in our industry.

See a video overview of Ada Tepe here.

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12/05/2019 04:00 PM ET Pricing delayed 20 minutes
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