Govt Grants Zlatna Panega Cement Building Materials Exploration Permit

Govt Grants Zlatna Panega Cement Building Materials Exploration Permit

Zlatna Panega Cement, a unit of Greek building material manufacturer Titan Group, and two other companies received permits to explore for building materials in Bulgaria, the country's government said.

The government granted one-year permits to Zlatna Panega Cement and to Yaguar-02, and a six-month permit to Inertni Materiali-Yambol. The permits covers areas in the towns of Yablanitsa, Ihtiman and Nova Zagora, respectively. Each company should invest over 205,000 levs ($144,000/105,000 euro) in the quarries and some 17,000 levs in environment protection activities.

The Bulgarian government also decided to extend by 15 years the copper mining concession of local copper mining company Asarel Medet for the Asarel concession located in Panagurishte, in southern Bulgaria. The terms of the contract, which was initially signed in 1998, remain unchanged. The company will invest an estimated 85 million levs over the next 15 years in the Asarel concession located in Panaguyrishte. It will pay an annual concession fee of 3.6 million levs.

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