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The Maritsa Iztok mining company, located in the Maritsa Iztok lignite coal mining basin in Southern Bulgaria, is negotiating a loan of 28 mln levs with BNP Paribas, DZI Bank and Corporate Bank, shows a notice posted in the register of public procurement procedures, "Dnevnik News @ 8" reports.
The credit will be needed for the implementation of the company's investment program, said PRO Petya Nikolova, adding that the talks are still in progress.
The investment pipeline is worth 80 mln levs and the company has already committed 20 mln levs of its own financing.
The investment program envisages the purchase of new earth movers and the reconstruction of the heavy mining machinery.
In related news, the government granted a 35-year coal mining concession to Maritsa Iztok on Thursday. Experts said the move seals the fate of the joint venture set up by the Maritsa Iztok mining company and Germany's RWE Rheinbraun. The initial idea was for the joint venture to receive the coal concession.
RWE Rheinbraun, which recently reiterated its interest in the project, is currently analysing the opportunities to move the venture forward but has not produced any interim conclusions.
The Maritsa Iztok mining company plans to produce 22 mln tons of coal in 2005
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