The European Bank for Reconstruction and Development (EBRD) is providing a loan of up to €55 million to „Assarel-Medet“ AD to modernize and decarbonize mining operations in Bulgaria. The financing will be used to maintain and explore the „Assarel“ open-pit copper mine in Panagyurishte, as well as for investments in its own renewable energy production.
According to the EBRD, the project should improve the company's operational efficiency and reduce emissions related to electricity consumption. About 68 percent of the financing will qualify as green financing. The loan also includes measures to improve corporate governance by strengthening compliance policies and procedures.
Focus on copper as a critical raw material
“This project demonstrates how targeted financing can support the sustainable development of critical raw material supplies in Europe“, commented EBRD Managing Director for the Corporate Sector Jackie Powell.
“Assarel-Medet“ operates the “Assarel“ copper mine and is a major producer of copper concentrate supplied to European markets. The planned investments are aimed at maintaining the activity, exploring the deposit and increasing the share of renewable energy in the company's energy supply.
Environmental and Corporate Governance Plan
The Chairman of the Supervisory Board of „Asarel-Medet“ Dimitar Tsotsorkov stated that the company will deepen its cooperation with the EBRD on a comprehensive action plan in the field of environment, health, safety and social policy.
„As a major supplier of copper to the European industry and the energy transition, maintaining high results in terms of environmental, social and governance standards is essential for our competitiveness“, said Dimitar Tsotsorkov.The EBRD is among the leading investors in Bulgaria. To date, the bank has invested nearly 5.2 billion euros in 324 projects in the country.
Sources: bta.bg