Ellatzite-Med’s concession contract extended until 2041
Following a decision by the Council of Ministers, the concession contract of Ellatzite-Med AD has been extended until 2041. At the end of March, the company and the Minister of Energy signed a supplementary agreement to extend the existing concession for mining copper-porphyry gold-bearing ores from Ellatzite deposit until 2041.
The initial concession contract was signed in 1999 for a period of 17 years. It was extended by 5 years in 2006, and again in 2013 for an additional 10 years’ period, currently valid until 2031. The mine life extension reflects the presence of proven reserves – a tribute to the expertise and dedication of GEOTECHMIN GROUP’s team, led by Prof. DSc. Eng. Tzolo Voutov. With a clear vision for long-term development, Ellatzite-Med AD has consistently achieved efficiency, profitability, and sustainability by leveraging innovation and cutting-edge technologies, even in the face of declining copper ore grades.
‘The extension of the concession term is of paramount importance to everyone, including the state, as Ellatzite-Med AD is among the largest taxpayers,’ said M.Eng. Dragomir Draganov, Executive Director. ‘For the five municipalities where the company operates, it ensures continued concession fee income through 2041, stable employment for a large number of local residents, and ongoing support for socially significant causes by a responsible partner like Ellatzite-Med AD.’
The concluded supplementary agreement also ensures long-term job security for the company’s employees. Ellatzite-Med ranks 31st among the top 500 employers in Bulgaria and is the largest employer in Etropole Municipality and Srednogorie region.
By extending its concession contract, Ellatzite-Med AD strengthens its position in the European Union’s raw material supply chain, in line with the EU’s objectives for critical raw material independence and sustainable resource development.
