Bulgaria's Mini Maritsa Iztok sees 2014 profit at 2.6 mln euro Bulgarian mining complex Mini Maritsa Iztok expects a profit of about BGN 5 million in 2014. The miner's investment programme for last year was only 61% fulfilled due to lack of rhythmical finances, while 82% of its upgrade programme was realised, Mini Maritsa Iztok said in a notice published on its website. Its 2014 coal output exceeded 27.5 million tonnes, which is 428,000 tonnes more than projected in the company's business plan. The mines of the Mini Maritsa Iztok complex excavated and transported nearly 81.22 million cm of earth in 2014. The mining complex, located in southern Bulgaria, is 100%-owned by state-operated Bulgarian Energy Holding.
Source: Capital (14.01.2015)

Energoremont-Holding with a contract for BGN 400 thousand Energoremont-Holding has concluded a contract with Mine Maritsa-East for repair and restoration of running units for excavators. The company is selected for a contractor under three announcements for public orders, again by Mines Maritsa East. Total value of the contracts is assessed to BGN 13 million VAT excluded. Major shareholders in the enterprise are Milenia 77 LTD with 33.03%, Bulgarian Energy JSC with 32.08%, New Energy and Industrial Technologies JSC with 21.59% and Geopribor with 10.80%.
Source: profit.bg (06.02.2015)

Record coal yield at Mini Maritsa Iztok mines The first month of the year at "Mini Maritsa Iztok" mines ended with a record coal yield, the company reported. More than 3.3 million tons of lignite have been excavated and shipped from the three mines, thereby improving upon the business plan by over 127 percent. The greatest success was at Troianovo-North mine, where the yield was more than 1.2 million tons of coal. The coal excavated and transported from the coal mine Troianovo 3 was a little more than 1 million tons, and in mine Troianovo 1 - over 965,000 tons. The total production of the coal company in January this year is only 2304 tons less than the highest monthly production in the last 20 years, according to official statistics. The record was achieved in October 2013, when the mines had a yield in excess of 3.5 million tons of coal. The business plan of the company for this year entails a yield of 27.35 million tons of coal and mining, transportation and filling of 101.425 million cu. m of land mass, the company said.
Source: Standart (19.02.2015)

Bulgaria's Mini Maritsa Iztok gets 25.6 mln euro loan Bulgarian coal mining complex Mini Maritsa Iztok has signed a BGN 50 million loan agreement with two banks, local media reported. The coal mining company will use the proceeds from the loan to partly cover its debts to suppliers, state-owned Bulgarian National Radio reported on Tuesday, quoting Mini Maritsa Iztok's executive director Andon Andonov. Under the agreement, the loan will be repaid by the state-owned Maritsa Iztok 2 thermal power plant (TPP) which in turn owes the coal mining company BGN 59.2 million. According to Andonov, the Bulgarian units of US companies AES and ContourGlobal owe Mini Maritsa Iztok a total of BGN 206 million, and local power producer Brikel owes it a further BGN 47 million. AES operates the Maritsa Iztok 1 coal-fired plant in Galabovo and ContourGlobal operates the Maritsa Iztok 3 TPP. Earlier this month the two companies agreed with state-owned power utility NEK on a decrease by 14% and 17%, respectively, in the capacity price for electricity produced by their coal-fired plants in the southeast of the country. For its part, NEK will pay all arrears to the two companies amounting to a total of BGN 700 million. These agreements, however, have no bearing on the US companies' debt to Mini Maritsa Iztok, Andonov said.
Source: mediapool.bg (15.04.2015)

Bulgarian Energy Holding Reports Declining Income, Profit in 2014 The operating income of the Bulgarian Energy Holding (BEH) EAD dived by 64.16 per cent in 2014 from 2013, and the profit before tax plummeted from BGN 414.8 mln to BGN 285.9 mln, according to the company's Annual Report for 2014 that has been published. On March 20, 2015,Fitch Ratings downgraded BEH's long-term foreign and local currency issuer default ratings (IDR) and its foreign currency senior unsecured rating one level to 'BB' from 'BB+' and placed the ratings on rating watch negative (RWN), the report recalls. "The rating downgrade reflects a substantial deterioration of BEH group's credit metrics driven by a wider tariff deficit at its subsidiary Natsionalna Elektricheska Kompania EAD (NEK) amid an unfavourable regulatory and market environment," the ratings agency said. Fitch views the Bulgarian regulatory environment as less developed and far less predictable than in western Europe. "Several legislative and regulatory changes aimed at narrowing NEK's deficit are planned by the government, parliament and the regulatory office for 2015, but may be subject to delays or may yield lower-than-expected positive impact as happened in 2014 with some planned changes." A substantial narrowing of NEK's deficit and increased predictability of cash flows at BEH group could lead to a positive rating action, the report points out. The company's principal sources of income are dividends received, interest received on loans extended to subsidiaries, and services provided to subsidiaries in financial management, project management, corporate governance and business planning, legal and regulatory matters, public relations and communications.
Source: econ.bg (11.05.2015)

25% of BEH put on the BSE Bulgaria will offer 20-25% of the shares of Bulgarian Energy Holding (BEH) on the capital markets, Deputy Energy Minister Nikolay Nikolov announced. This will happen after stabilization of the holding, which will facilitate the liberalization of the market, he said. Following the liberalization, BEH subsidiaries will improve their financial results, will refinance their obligations, and through sales of shares will fund modernizations, Nikolov said. Meanwhile, BEH is about to take BGN 800 million government guaranteed loan, Deputy Minister Nikolov said. It will be used to pay the obligations of the BEH’s subsidiary NEK to both US TPPs in the Maritza Iztok complex.
Source: Standart (27.05.2015)

Mines Maritsa Iztok is looking for a working capital loan with a limit of BGN 40 million in the form of overdraft for a term of one year, becomes clear from announced in the beginning of June public tender. Funds are needed for insuring temporary financial resource in case of shortage of money. In that way, current activities in relation to payment of taxes, suppliers of goods and services as well as payments of obligations to employees are to be covered. Forecasted value, pointed by Mines Maritsa Iztok for granting of the loan is BGN 1.124 million, VAT included. The state company’s public order is divided into three detached lots, one with a limit of BGN 8 million and the other two of BGN 12 and BGN 20 million respectively. Candidates may hand out offers for one or more of the announced lots. There are no requirements for their economic or financial capacity. Main requirement, under which participants will be ranked, is the proposed lowest price. Towards the end of 2014 Mines Maritsa Iztok has loans to a total of seven banks, assessed to BGN 34.575 million.
Source: Capital (09.06.2015)

Mines Maritsa Iztok looks for a new working capital loan of BGN 40 million Mines Maritsa Iztok is looking for a working capital loan with a limit of BGN 40 million in the form of overdraft for a term of one year, becomes clear from announced in the beginning of June public tender. Funds are needed for insuring temporary financial resource in case of shortage of money. In that way, current activities in relation to payment of taxes, suppliers of goods and services as well as payments of obligations to employees are to be covered. Forecasted value, pointed by Mines Maritsa Iztok for granting of the loan is BGN 1.124 million, VAT included. The state company’s public order is divided into three detached lots, one with a limit of BGN 8 million and the other two of BGN 12 and BGN 20 million respectively. Candidates may hand out offers for one or more of the announced lots. There are no requirements for their economic or financial capacity. Main requirement, under which participants will be ranked, is the proposed lowest price. Towards the end of 2014 Mines Maritsa Istook has loans to a total of seven banks, assessed to BGN 34.575 million.
Source: Capital (09.06.2015)

Bulgaria’s Maritsa Iztok 2 Thermal Power Plant Reports BGN 28.6 M Net Loss in H1, 2015 State-owned thermal power plant Maritsa Iztok 2 closed the first half of 2015 at a net loss of BGN 28.634 M, compared to a profit of BGN 1.440 M for H1, 2014, according to a report of the company. Although the company registered a profit of BGN 5.186 M for the first quarter of 2015, it warned that its financial result was going to deteriorate due to the decrease in revenues from services to the Electricity System Operator (ESO) such as the cold reserve, according to dnevnik.bg. The main reasons for the downward trend in H1, 2015 are said to be the increased greenhouse gas emissions costs, which the energy watchdog did not include in the calculation of the price for the past 1-year pricing period, and the decrease in revenues from sales of cold reserve quantities. The revenues of the state-owned thermal power plant go up by nearly BGN 10 M in H1, 2015. However, the emission quota costs increased by nearly BGN 19 M and depreciation expenses went up by around 6 M. The total expenses of the company added BGN 28 M in H1, 2015. The net financial expenses increased from nearly BGN 3 M to BGN 16.711 M. At the same time, state-owned Maritsa Iztok Mines closed the fist half of the year at a net profit of BGN 28.063 M, according to the H1, 2015 financial statement of the coal mining company. The profit of the Maritsa Iztok Mines for 2014 stood at BGN 4.340 M. The main reason for the positive development was the increase in sales revenues by nearly BGN 90 M to BGN 296 M.
Source: Capital (05.08.2015)

Mines Maritsa Iztok will ask for a loan of BGN 50 million from Bulgarian Development bank Mines Maritsa Iztok is looking for a chance for a fast loan to the amount of BGN 50 million with direct negotiations. We have been analyzing banks, and it turned out that the only one that may give us money now at the fastest way is Bulgarian Development bank. The money will be purposely directed solely to paying off our obligations to the state and the companies we are working with, Mines Maritsa Iztok’s CEO engineer Andon Andonov said at a press conference on Monday. The state company looks for a bridge funding for BGN 20 million in parallel, with which salaries of employees will be paid. If Bulgarian Development bank renders loan to the mines, it’s will be the second case of huge funding by a state bank, which is otherwise was set up to lend to small and medium-sized private companies. The state company is the second largest corporate employer in the country with its 7130 employees and the largest in the region of Stara Zagora. Money is needed so that three mines are prepared for the autumn-winter season. The company has signed a tripartite agreement with NEC and Brickell, as the settlement between them becomes as follows: NEC settles 90% to Mines Maritsa Iztok and 10% to Brickell.
Source: Capital (18.08.2015)

More than BGN 2.4 million collected for 5 days in NEC’s rescue fund Funds are already being accumulated in the fund Security of the electricity system and as of 17th of August raised money reach over BGN 2.4 million. This what energy minister said. Just in a few days between 24th and 31sy of July the sum was accumulated from the 5% tax on sold power. By the end of this year, NEC has to pay off its obligations to AES Galabovo Maritsa East 1 and ContourGlobal Maritsa East 3. Meanwhile, the Cabinet decided yesterday over 130 hectares of forest lands for the expansion of coal mining from the mine Troianovo 1-site 2 will go to the state mines. Mines Maritsa Iztok has to pay BGN 1.2 million for the change of land utilization has, while the price for compensatory afforestation is set at BGN 1.3 million
Source: Monitor (20.08.2015)

US-owned TPP AES Bulgaria Finalizes Agreement with National Power US-owned thermal power plant AES 3C Maritza East I and Bulgaria’s National Electric Company (NEK) have finalized the agreement on amending the long-term contract for purchasing electricity generated by the TPP. The agreement was negotiated in April and it concerns the capacity price of AES 3C Maritza East I, according to a media statement of the US-owned TPP. Once the agreement enters into force, the capacity price will drop by 14%, thereby allowing Bulgaria’s state-owned power utility to save around BGN 50 M a year, or a total of BGN 550 M by 2026, when the contract with the US-owned TPP expires. However, the power purchase agreement (PPA) with AES 3C Maritza East I, as well as the PPA with the other US-owned thermal power plant, TPP "ConturGlobal Maritza - East 3, cannot enter into force before the state pays its debts to the two entities. The state-owned power utility owed nearly BGN 800 M to the two TPPs in April, according to reports of investor.bg. AES 3C Maritza East I informs in a media statement that it will immediately cover its liabilities to the Maritsa East Mines, currently at around BGN 60 M, once it receives full payment of NEK arrears, currently at around BGN 500 M. Bulgaria’s Energy Ministry is still looking into opportunities to take out a loan to pay the two US-owned TPPs.
Source: expert.bg (27.08.2015)

Miners want smaller coal mining Podkrepa union demanded that the coal production from open coal mines in the state Mini Maritsa Iztok EAD-Radnevo is sharply reduced. It already warned the Ministry of Energy, NEK and ESO that in the next six months they can count on only 14 million tons for the three thermal power plants in the complex. These amounts will go to maintain no more than 2800 megawatts of power, which will require or emergency import of electricity or power cuts. "We are forced to this step because of the huge amounts of abandoned work areas. The danger of collapsing mines and repetition of the spring of 1987, a year when Bulgaria became a huge 'disco’ is real, said the leader of Podkrepa in the company Gencho Genchev . Delay in the disclosure of the layers is due to the difficult economic situation and suspended payments by TPP AES and TPP Contour Global Maritsa East 3. Miners are due BGN 450 million, reminded Dimitar Manolov, president of Podkrepa. It is clear that the state must find a way to buy the assets of both plants. The same idea was announced by CEIBG.
Source: Monitor (15.10.2015)

Miners decreases their expenses for electricity Energy costs in the state Mines Maritsa Iztok will decrease by 7% after completion of two projects, funded by International fund Kozloduy. Contracts for implementation of the projects were signed by the Executive Director Eng. Andon Andonov and Boryana Manolova, CEO of Siemens Bulgaria and Javier Donato - regional manager for Eastern Europe of Etraluks, Spain. The Fund provided BGN 2.3 million. The mines will add another BGN 900,000 from its own revenues so that the projects are completed over the next 15 months. Replacement of industrial lighting and upgrading of heavy mining equipment, which will reduce energy costs are activities envisaged in the project. After recent changes in the price of electricity the state company’s monthly expenses have increased by nearly BGN 1 million. The selection of the companies - contractors was made by a procedure under the rules of the European Bank for Reconstruction and Development
Source: Monitor (29.10.2015)

Bulgarian Energy Holding to seek unsecured syndicated loan of at least 500 mln euro State-owned Bulgarian Energy Holding will seek a syndicated loan of at least EUR 500 million, to be followed by a bond issue of the same size as the loan. The decision comes after BEH decided to cancel a procedure seeking a combined EUR 650 million in a bridge loan and a bond issue. Talks with candidates to provide the funding will open immediately and are expected to be completed in two weeks. The proceeds of the loan or the bond would go to cover debt accumulated by one of BEH's units to two U.S.-owned thermal power plants. In September BEH said it is inviting preliminary bids for an investment consultant on a 650 million euro bond issue, or for a bank to provide it with a loan of the same amount. In August, U.S. companies AES and ContourGlobal signed agreements with the National Electricity Company. BEH's subsidiary, on a decrease in the prices at which it buys electricity produced by the two companies' thermal power plants. For its part, NEK pledged to pay back its overdue liabilities to the two plants. NEK owes the two plants around BGN 900 million in total.
Source: 24 chasa (13.11.2015)

BEH Terminates Open Tenders for Selection of Investment Consultant, Financing Institution The Bulgarian Energy Holding (BEH) announced on its website on Wednesday that it terminated procedures launched on September 3 for an investment consultant and a financing institution. BEH said it "terminated an open tender with pre-selection for the selection of an investment consultant for the issuance of corporate bonds, and an open tender with pre-selection for the selection of a financing institution(s) for raising a loan/syndicated loan." On November 12, Energy Minister Temenouzhka Petkova told Parliament's Energy Committee and Committee on supervision of the energy and water regulator that BEH would decide on that day to terminate the procedure for selection of bank institutions which can provide a loan for dealing with intercompany obligations in the energy sector. Instead, direct negotiations would be held in the next two or three weeks with the banks which showed an interest in the procedure. The National Electricity Company (NEK) needs the loan to pay off its debt of nearly 900 million leva to US-owned AES Maritza East 1 TPP and ContourGlobal Maritsa East 3 TPP, which themselves owe close to 350 million leva to the Maritza East Mines. This will make possible the entry into effect of an agreement on a 100 million leva annual reduction of the price that NEK pays the US-owned TPPs for availability. Twelve of the world's largest banks have shown interest on condition the loan is government-guaranteed. BEH and the Energy Ministry will negotiate with them to provide the required financial resources of 650 million euro.
Source: Monitor (19.11.2015)

Mini Maritsa Iztok began rehabilitation of industrial lighting In late October, Mini Maritsa Iztok signed two contracts increasing the energy efficiency of the company, financed by the International Fund for supporting the decommissioning of NPP Kozloduy. The project has a total value of BGN 3.3 million and is divided into two lots. The mining company will receive for free 70% of the value of the entire project (equivalent to BGN 2.3 million) and the remaining 30% are co-financing (BGN 990 thousand). After a procedure, implemented according to the rules of the European Bank for Reconstruction and Development, the selected companies are contractors SIEMENS EOOD, Bulgaria, for the project part for compensation of reactive power of heavy mining equipment, and Etralux, Spain, for the rehabilitation of industrial lighting by replacing it with LED.
Source: Construction City (03.12.2015)

Nine Banks Show Interest in Lending up to EUR 650 M to Bulgaria’s BEH Nine banks have confirmed interest in lending up to EUR 650 BGN to the state-owned Bulgarian Energy Holding (BEH) company, Energy Minister Temenuzhka Petkova has said. The energy group is seeking the money to enable its indebted subsidiary National Electricity Company (NEK) to repay debt owed to the local units of U.S.-based AES Corp. and ContourGlobal. The two coal-fired power plants, AES Galabovo and ContourGlobal Maritsa East 3, owe BGN 325 M to lignite coal mines in Maritza East basin. The plants’ owners have agreed to cut the price at which they sell their electricity to NEK once they get repaid by the company. The Bulgarian authorities are currently preparing a timetable for negotiations with the interested lenders, Petkova said at an energy conference in Sofia on Monday. Confidentiality agreements have been signed with the nine banks and negotiations with each of them over loan terms are about to begin. The lenders were not expected to seek Bulgarian government guarantees for the debt, Petkova added. Bulgaria decided to launch direct talks with banks over lending to BEH after BEH’s attempt to raise funds for repaying NEK’s debt to the two coal-fired power plants through a bond issue failed last month. Both candidates, who had submitted binding bids in BEH’s tender for arranging a bond issue and extending bridge financing ahead of it, had sought government guarantees for the debt. Finance Minister Vladislav Goranov, however, had rejected the demand in view of NEK’s peristent financial deficits. Petkova said at the start of the energy conference on Monday that NEK has slashed by nearly a third its operating loss for the first nine months of 2015. NEK posted operating loss of BGN 218 M for the January-September period, a decrease compared with BGN 324 M loss a year earlier, said Petkova.
Source: Monitor (08.12.2015)

Bulgarian extracting companies are not different from world leaders Engineer Ivan Andreev, The Bulgarian Chamber of Mining and Geology’s CEO Engineer Andreev, mineral and raw material industry is one of the best performing one during the last few years. Presently how much are actively operating mine enterprises and what is their share in the gross domestic product of the Bulgarian economy? -It is well known that Bulgaria is a mining country. That is the evaluation of the index of extracted ore per capita. Mineral and raw materials industry is a large-scale, labor-intensive and risky business. It is necessary to know that our extracting companies are no different from world leaders-all of them set in the base of their policies and procedures sustainable development. It is that fusion of economic, social and environmental measures that could allow today mining companies to operate. More than 24 thousand people are directly employed in our branch, while other 120 thousand are part of related business activities and providers. The branch gives about 4% of the country’s GDP as nearly 10% of generated electrical energy is from extracted fuels. In addition it ensures 100% of limestone for desulphurization installations at thermal power plants. Export is assessed at over BGN 3.4 billion. It is also well known that our country is rich in knowledge, experts and deposits with proved potential. Certain important specificityis rather neglected though- we are rich in ores with low contents of useful components. Bulgaria has mineral diversity, but at places where certain mineral is present, economic efficiency from its extraction is far from world levels. We joke with colleagues on the occasion of widespread myths about gold mining in the country. When the general public hears of our gold it immediately imagines some neat underground bars that only wait for us to extract them. The reality is totally different - gold has to be derived through several technologies so that it turns into bullion. And no one here mentions the risk of non-confirmation of the stocks. It is also not spoken of huge investments needed to reach these high levels of efficiency in the mining and environmental protection. Do you have data what is the volume of investment in new production facilities and technological modernization in the sector? -A lot has been invested in the last few years so that our leading companies may insure compatibility not only with legal requirements but also with world acknowledged standards for certification. Some of our members go beyond clear abiding by the law but also upgrade it with good practice. Concrete pointing of a value of invested funds is a sensible theme for the industry. Not that there is something unduly or there is something to hide, but because numbers are easily manipulated. These speculations harm our members’ reputation. Separate companies share this info at different occasions. Real investment in new technologies, machinery and equipment in all extraction companies are fact, though. For example treatment plants in the mines of Asarel, Elatsite and Chelopech are at top level. Investments are visible and tangible – they improve the quality of life of local communities and help the state achieve its environmental goals. Besides out member design and construct treatment station of large factories in metallurgy. One example is EnviroHemi Bulgaria that built station for rain water of Aurubis Bulgaria. I also want to mention that Devnya Cement invested more than BGN 325 million in a new production line for cement and clinker, providing a platform for operational security and expansion in the segment. Which are challenges before companies of the branch? - Large business meets huge obstacles, too. On the outside all seem easy. Among inner challenges low prices of metals at world stock exchanges has to be mentioned first. It is a trend that has started about three years ago. It began to worry investors and to define their medium-term strategies. This reflects the limited programs for reinvestment of profits in capital projects and partly on their programs for corporate social responsibility. Mining industry is dependent on stock prices. Over the years, there is a cycle in which there are spikes in prices and long declines. During periods of high prices investors make strategic investments that optimize and modernize production. One of the objectives is to reduce the expenses of the cost of production. Globally, we observe a gradual cooling of the Chinese economy. CEO of BHP Billiton recently said it may be time for China to transform itself from an economy of resources and goods into service economy. Another challenge is related to legislation. Mining strategy for the industry has been recently adopted. It ensures its sustainability. Soon renovation of industry related laws so that they can respond in a sustainable manner to novelties will come under the agenda. A third challenge is the problem with personnel. You know that in our country there is only one university which educates future professionals for the industry. This is the Mining and Geology University St. Ivan Rilsky. It is sufficient for the "higher education". But that major unit of vocational secondary education that will ensure a steady stream of targeted and motivated people, by which the mining industry will develop lack definitely. As Branch Chamber what legislative changes are necessary for sustainable development of mineral-raw materials industry? - We pointed out that in 2015 Council of ministers adopted the National strategy for sustainable development of the mining industry in Bulgaria. That strategic document is drafted with the active participation of MGU Saint Ivan Rilsky, BCMG, mining university in the town of Leoben, Austria, and BAS. It outlines the direction and framework for sustainable development of the industry for the next 15 years. It is the first step towards improving the laws and regulations in the country. I want to say that to a large extent it complies with the European guidelines and directives of the EU, but it should be derived from the best of Europe and of our law and practice. Basic legal document which follows the strategy is the Law on Mineral Resources. Many texts in it should be improved so that through a balance of interests sustainable development of mineral-raw materials industry and the whole economy is achieved. The low level of investment in the industry, unresolved problems with land use, illegal mining, and mining waste should also be taken into account. We as a Chamber are ready for a dialogue in order to get a quality result. Lots of companies apply good practice for research, extraction and processing of mineral resources. Could you list some of the current larger projects? - I will mention only part of the symbolic projects and practices that shape the transformation of mining companies on the road to sustainable development. In 2011 Asarel Medet AD launched into exploitation a new cyclic flow technology for transport of overburden. Its capacity of 5,000 t / h leads to efficiency of mining transport of 24% and to reduction of emissions from mine vehicles by 41%. In 2011 the company began extraction of cathode copper with 99.99% purity through the most modern plant for extraction and electrolysis in Europe and the first of its kind in the country. At the same time Asarel-Medet completed projects that effected in reduction of specific cost for electric energy by 32%. In 2013, Dundee Precious Metals Chelopech implemented SFR innovative technology by 12 stepper flotation reactors. Four devices have replaced the old flotation machines for copper flotation purification and other 8 are all flotation section of the new factory for the extraction of pyrite concentrate. Thus Dundee Precious Metals became the first mining company in the world that has introduced this technology on an industrial scale in its production process. Massive investment program led to the modernization of production in Elatsite-med AD. That brought then the Award Investor of the Year in the mining industry for 2009. The company extracted 44 mln. Tons of mined produce and processed almost 13 million tons of ore in 2010. For the period 2012-2015 Geostroy AD has fulfilled one of the most important environmental projects for the treatment of mine effluent in Bulgaria. This is a treatment plant in the mine complex Elatsite. The project is of the Japanese Mitsubishi Materials Techno Corporation. This is Elatsite-Med’s entirely private investment. Its work will ensure pH values within the permissible limits of heavy metals and suspended solids in the legally allowed limit concentrations. In addition it will help to improve the condition of water in the river Malak Iskar. Symbol of Bulgarian open mining - state Mini Maritsa Iztok EAD invests seriously and in a planned way despite the ongoing liquidity crisis in the Energy sector. For example, the company invested in 2010 BGN 96 mln in rehabilitation facilities and achieved record production results in 2011, as 32 mln. tons lignite coals were extracted. In the autumn of 2015 Mines Maritsa Iztok EAD launched a project for improvement of energy efficiency. It will compensate reactive energy and will rehabilitate industrial lighting of the mining equipment. Its total value is BGN 3.3 million. Via the project the company will save up to 7% of the cost of electricity. After raising its price from this fall these costs increased by nearly BGN 1 million per month. Holcim Bulgaria demonstrated modernization of production installations, consistent with best international practices and technologies for efficient and environmentally friendly production show in its career in the village of Chepintsi. Highly efficient floating grapple excavator is part of the processing plant with a capacity of 350-400 t per h of finished products. The reclamation is a priority in the programs of Asarel Chelopech and Elatsite. And more: Sites of Kaolin AD are maintained in such a condition that becomes permanent or temporary home to various species of animals and birds. Each year skylark fly thousands of miles to find a place to nest in sand quarries of the company. The company realized a project for large-scale reclamation of external drainage of its existing field of quartz-kaolin raw material. The Company carried out afforestation activities on nearly 200 acres.
Source: Construction City (21.12.2015)