Bulgaria's Largest Coal Mining Company to Invest BGN 88 M in 2011Energy | January 14, 2011, Friday // 18:23| views
The Maritsa Iztok Mines EAD had a record output in 2010. Photo by marica-iztok.com
Bulgaria's largest coal mining company - Maritsa Iztok Mines EAD – has announced a massive investment plan for 2011, after in 2010, and especially in the last quarter, it registered record output and profits.
The state-owned company, which is part of the Bulgarian Energy Holding, a government energy megastructure, plans to invest a total of EUR 88.2 M in expanding and modernizing its production in 2011.
The investment program is designed for an output of 27 250 000 metric tons of coal in 2011, after in 2010 the company planned to produce 25 000 000 metric tons of coal, but completed the year with an output of 26 090 853 metric tons, surpassing its planned production by 4%. Its 2010 production was 2 013 728 metric tons more than the amount of coal extracted in 2009.
The largest coal quarry in Bulgaria Troyanovo 1, which last year registered its highest output since 1960, with a total of 8.62 million metric tons of coal extracted in 2010, surpassing the 2007 record of 8.95 million metric tons, is the absolutely priority in the investment program, with the planned construction of a new loading terminal in order to secure the lignite coal supplies for the AES Galabovo Thermal Power Plant, an investment of the American energy giant AES, which is part of the Maritsa East 1 TPP complex, with a capacity of 670 MW.
The Maritsa Iztok Mines will also invest big in the modernization and rehabilitation of its equipment, new facilities at the Troyanovo 3 quarry, new geological surveys and strengthening the existing earthworks.
"The Mini Maritsa Iztok (Maritsa East Mines) company faces big challenges in the new year but we take them to stand for incentives for our proactive work with the other partners of ours in the Maritsa East I TPP complex. We will work to guarantee Bulgaria's energy independence," said Todor Todorov, CEO of the Maritsa Iztok Mines EAD.