You have 10 free articles left this month. Get your freeBasic subscription now and gain instant access to more.

Macedonia's Zletovo lead, zinc mine resumes operations - ruling party

Macedonia's Zletovo lead, zinc mine resumes operations - ruling party Nikola Gruevski/facebook

SKOPJE (Macedonia), August 29 (SeeNews) - Macedonian lead and zinc mine Zletovo, which was closed down last autumn upon the launch of bankruptcy procedures, has resumed operations under its new concessionaire - Bulgarian mining and construction company Minstroy, Macedonia's ruling party VMRO-DPMNE said.

The 140 miners have already returned to the mine, VMRO-DPMNE said in a statement, published on Sunday.

In the nearest future the Bulgarian concessionaire will reopen the Toranovo mine as well, VMRO-DPMNE said in a separate statement.

Both mines have been closed since last November, when bankruptcy proceeding were initiated. In April Minstroy signed a concession contract to operate the Zletovo and Toranica mines paying 2 million euro ($2.2 million) for the concession rights. Back then the company promised to return to work all 1,000 miners previously working there. Minstroy said it will invest a further 10 million euro in the mines.

In July Minstroy acquired a majority stake in Zletovo and Toranica mines for 3.5 million euro, even though they were previously estimated at around 7 million euro. The assets were blocked because of the bankruptcy proceedings of the former concessionaire Indian company Indo Minerals.

($=0.8947 euro)

Compare