Bulgaria terminates Devnya Cement's concession of quartz sand deposit

Considering the current market conditions, the company has decided to alter its future production strategy and no longer intends to exploit the resources at the deposit, the government said in a statement following its weekly meeting on Wednesday.

Devnya Cement won the concession of the deposit, located in the Varna region, in 2009.

Devnya Cement generated revenue if 137.3 million levs ($78.2 million/70.2 million euro) in 2018 and closed the year with a net profit of 16.9 million levs, according to its annual financial statement.

(1 euro = 1.95583 levs)