Investing in Bulgaria is proving a bumpy ride for Dundee Precious Metals, a Canadian mining company that has been waiting for more than two years for the environment ministry to approve a $220m copper and gold processing project.
Last month, Sergei Stanishev, the prime minister, won backing from his fractious coalition government for the project, in which the Bulgarian state would have a 25 per cent stake – to be paid for out of dividends on profits from metal sales. But the environmental impact assessment has still to be approved. “The cabinet approval was an important step. We’re looking forward to getting the go-ahead on the EIA,” says Laurence Marsland, executive director of Chelopech Mining, Dundee’s local subsidiary.
