May 8 (SeeNews) - Bulgaria's government said on Wednesday that it has awarded local mining company Gorubso-Madan a three-year metal ores exploration permit for the Borieva-east area.
The company will invest at least 285,000 levs ($163,000/146,000 euro) in exploration activities at the site, located in the Madan municipality, the government said in a statement following its weekly meeting.
Gorubso-Madan is majority owned by local exploration company Varba-Batantsi.
Gorubso-Madan posted a net profit of 4.6 million levs () on revenue of 37.6 million levs in 2017, according to its latest available annual financial statement.
(1 euro = 1.95583 levs)