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Bulgaria awards Kaolin 3-year industrial minerals exploration permit

Author Mario Tanev
Bulgaria awards Kaolin 3-year industrial minerals exploration permit Kaolin/All rights reserved.

SOFIA (Bulgaria), May 8 (SeeNews) - Bulgaria's government said on Wednesday that it has awarded local mineral extracting and processing company Kaolin a three-year industrial minerals exploration permit for the Rayuv Kamak area.

Kaolin will invest at least 89,800 levs in exploration activities at the site, located in the Veliko Tarnovo province, the government said in a statement following its weekly meeting.

Last year, the government awarded Kaolin a 35-year concession of quartz-kaolinite mine Balabana near the town of Silistra, where the company pledged to invest 15.5 million levs ($8.9 million/7.9 million euro) and pay fees in excess of 11.5 million levs. 

At the time, the company announced it is planning to invest 30 million euro in a new processing plant in the town of Dulovo, in the country's northeast.

Kaolin is part of German conglomerate Quarzwerke Gruppe. The Bulgarian company booked a net profit of 27.7 million levs on revenue of 184.3 million levs in 2017, according to its latest available annual financial statement.

(1 euro = 1.95583 levs)