Банкеръ Weekly

Briefs

ASSAREL-MEDET INVESTS NEARLY BGN75MN WITHIN TWO YEARS

Assarel-Medet AD of Panagyurishte has netted a profit of BGN26MN for the first half of 2005, while in the end of last year it was BGN45.7MN. The enterprise's sales proceeds for 2004 increased by more than BGN70MN year-on-year. BGN20MN-plus was invested in modernization of the production capacities last year and investments of BGN54.17MN have been planned for 2005. The company's managers expect the cost price of the output to be significantly reduced after the reconstruction, and the annual extraction and processing of copper ore to reach 12 million tonnes, 20% up than the enterprise's present capacity. Assarel-Medet celebrated its 40th anniversary on August 18, the date when the professional miner's day is also celebrated. The company began extracting copper and copper-pyrites ores in the end of 1964. Currently, the enterprise produces over 50% of the aggregate output of copper in this country. In 1999 it was privatized by Assarel-Invest, behind which is the Austrian holding company Voest Alpine.

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