ECONOMY

Cypriot firm lands permit for metal deposits in Bulgaria

SOFIA (SeeNews) – Mediterranean Minerals Bulgaria, a unit of the Cyprus-based mining company East Mediterranean Resources, received yesterday a three-year metal and gold deposits exploration permit for the Lehovo site in southwest Bulgaria, the government said in a statement. Mediterranean Minerals Bulgaria has pledged to invest $360,000 (300,700 euros) within three years in exploration of a 71.4-square-meter site in the southwest Sandanski municipality. The company got another license for metal deposits exploration in the Visitsa site in the Malko Tarnovo municipality in the southeast earlier in 2005. Mediterranean Minerals Bulgaria pledged a $214,700 investment for a 14.5-square-meter site.