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Bulgaria's Vatia Quartz gets 35-yr mining concession, to invest 12.5 mln euro

Author Mario Tanev
Bulgaria's Vatia Quartz gets 35-yr mining concession, to invest 12.5 mln euro Author: Flazingo Photos. License: Creative Commons, Attribution-ShareAlike 2.0 Generic (CC BY-SA 2.0)

SOFIA (Bulgaria), September 11 (SeeNews) - Bulgaria's government said on Wednesday that it has awarded a 35-year concession of the Zlaten Dol minerals deposit to local company Vatia Quartz, which will invest 24.5 million levs ($13.8 million/12.5 million euro) in the mining of kaolin and quartz sand over the term of the concession.

Vatia Quartz will also make concession payments of over 15.6 million levs during the 35-year period, the government said in a statement following its weekly meeting.

The deposit is situated in Vetovo municipality near the city of Ruse where Bulgaria's biggest river port on the Danube is located.

Vatia Quartz, established in 2015, is a 50-50 joint venture between local companies Vatia Holding and Advance Properties, according to data from its most recent annual financial statement. Vatia Quartz booked revenue of just 6,000 levs in 2018 and closed the year with a net loss of 20,000 levs.

The company had assets of some 3.1 million levs at the end of 2018, of which 173,000 levs in current assets.

(1 euro = 1.95583 levs)

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