March 15 (SeeNews) - Bulgaria's caretaker government said on Wednesday it extended by 15 years the term of a concession contract with local mining company MSE-2001 for the Selimitsa sand and gravel deposit, near Sofia.
The extension was requested by MSE-2001 in order to allow it to extract the remaining deposits in the concession area, the government said in a statement following its weekly meeting.
The government will also propose to the concessionaire a revision of the bank guarantee terms, extending the guarantee to cover 100% of all of the concessionaire's liabilities.
The concession contract was first concluded in 2004 for a period of 15 years. It covers the extraction of sand and gravel, which are used in construction.