Varba-Batantsi Lead, Zinc Mine in Southern Bulgaria to Open in July

The investments in the Varba-Batantsi mine near Madan, which is to open in July, amount to around BGN 15 M.

Sergey Atanasov, CEO of Bulgaria's Gorubso Madan metal mines, announced that a total of 120 people were working at the Varba-Batantsi mine, with 150 people to be involved in the production process, according to reports of the Bulgarian National Radio.

Atanasov explained that the company was seeking to launch the mine as soon as possible because it was generating costs without producing anything.

"In order to start, we need to secure a production of at least 3000 – 4000 tonnes. We need at least 4-5 units to be launched for this purpose. Preparations are underway. 3 units are ready but we cannot start with them because they cannot yield more than 1000 – 1500 tonnes," Atanasov stated.

In end-March 2012, Varba Batantsi, an association of KCM 2000 and Minstroy Holding, acquired over 90% of the shares of lead and zinc mine Gorubso-Madan, thereby putting an end to miners' protests over unpaid wages totaling BGN 1.2 M.

A 35-year lead and zinc mining concession was signed in end-May 2012.