The EBRD and UniCredit Bulbank have announced a joint effort of financial support to aid the mining operation of Europe’s largest still-productive gold deposit. Chelopech Mining EAD, a subsidiary of Canadian mining company Dundee Precious Metals, will be the recipient of the two loans and will use the financing to upgrade technology and equipment to state-of-the-art standards.
USD 48.75 million of the USD 66.75 million loan will come from the EBRD while UniCredit Bulbank has committed USD 18 million. If all goes as planned, improvements will enable the Chelopech mine in Bulgaria to cut fuel consumption by 50% while increasing output by 100%. To date, the EBRD has invested approximately € 2.4 billion in various Bulgarian sectors.