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Sep 23, 2009 14:33 EEST
SKOPJE (Macedonia), September 23 (SeeNews) – Macedonian copper mine Bucim will invest 10 million euro ($14.8 million) to expand its operations by 2018, the country’s Economic Chamber said on Wednesday.
The Development Programme for the period 2010-2018, outlined by Bucim’s management, foresees geological exploration to search for copper deposits estimated at more than 33 million tonnes at 300 metres depth, Macedonian Economic Chamber said in the statement posted on its web site.
A half of the funds will be spent on geological research, whilst the remainder will go for repairing the existing equipment and buying new one, the statement said.
The copper price in London Metal Exchange is set at some $6,300 per tonne, it added.
Russian company Solway bought Bucim, located in eastern Macedonia, in 2005.
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