Miners demand a new method for the concession fees Miners demand that the concession fees are determined through a new method instead of the one included in the Natural Resources Act. The proposal is part of the anti-crisis measures applied in the Ministry of Economy and Energy by the Bulgarian Chamber of Mining and Geology. Many of the companies demand the termination of the minimal fees that should be paid in the extraction of various resources. They state that this would easen the administrative presure and would lead to payments in case of real extraction of output. Many of the deliveries of the companies are put on hold in the last quarter. Currently coppermaker Asarel Medet has decreased its extracted rock mass by 45% totally as compared to 2008 and the sales income of the company has dropped by 40%. The Chamber also demands to unify the officials granting concessions into one single institution.
Source: Dnevnik (04.02.2009)

Copper miner Asarel Medet to lay off 193 workers Bulgaria’s open pit copper miner Asarel Medet will downsize its workforce as sliding global copper prices caused it to trim its annual output, said the company’s human resources director, Aleksander Chobanov. In February copper plummeted to USD 3,300 a tonne from over USD 9,000 a year earlier. We are fighting to keep as many workers as possible, Chobanov noted, adding that all dismissed employees will be compensated depending on years of service at the plant. Asarel will rethink its production plan as soon as the global markets recover and will invite good workers to come back to their jobs. The firm slashed its production target by 45% compared to last year’s level, a move that will affect processed copper volumes as well. As it fights back against the downturn, Asarel will also optimise its organisation structure and cut costs. The firm’s investment plan has been trimmed by 50% in comparison with last year and could be further adjusted to match possible new market conditions by the end of 2009.
Source: Dnevnik (26.02.2009)

Asarel-Medet lays-off 200 people The Panagyurishte mining company Asarel-Medet is planning lay-offs of workers in connection to the world economic crisis, Alexander Chobanov, HR manager, announced. As a result of the big breakdown of the international price of copper, the yearly production schedule of the company is reduced. This forces a reduction of personnel, due to which 193 work place have been declared in the Employment agency for downsizing. "We are performing a procedure for selection, developing different scenarios and still making everything we can for the real lay-off to be as minimum as possible", Alexander Chobanov said. All discharged workers and employees would receive compensations depending on the length of service in the company. Production programme will be reconsidered at the next favorable turn of events on the international markets and the workers, who have been laid-off with a good assessment, will be invited to take their previous positions. This has been agreed upon with the syndicates as well.
Source: Standart (27.02.2009)

The company is registered in Territorial administration Big taxpayers and insurers towards 2009, 04.30
Source: Tax Administration (30.04.2009)

‘Prometea’Awards CITUB awarded managers for their contribution to the improvement of the working conditions. On April 29 – the day for rememberance of the perished due to work accidents, five managers of big companies were received the traditional awards of the Confederation of Independent Trade Unions in Bulgaria – “Prometea”. One of the five managers is Dr. Eng. Lachezar Tsotsorkov – CEO of Asarel Medet JSC – Panagyurishte. For more than 12 years the company has not registered disabling labor accidents. The company has one of the lowest levels of trauma accicents in mining, although the average list of personnel exceeds 1300 workers and employees. About BGN 100.465 mln have been invested only in last few years for better working conditions. After a special program for permanent improvement of health and salety, BGN 1.6663 mln have been invested in 2008. Despite the economic downturn, the investments in securing healthy and safe working conditions keep on the high priority in 2009 for Asarel Medet JSC. For this purpose further BGN 735 thous have been provided.
Source: Capital (11.05.2009)

Asarel Medet JSC - Panagyurishte has appointed Extraordinary Meeting on 13.05.2009. Meeting agenda includes: amendments in the statute, changes within the management bodies.
Source: Registry Agency (15.05.2009)

Asarel Medet JSC - Panagyurishte has appointed Annual general meeting on 24.06.2009. Meeting agenda includes: adoption of the Annual Report for Year 2008, amendments in the statute, changes within the management bodies.
Source: Registry Agency (15.05.2009)

Antifiltartion screen and a gravity pipeline already take the drain water in the western part of the Oxide heap territory of the copper-extracting Panagyurishte-based Asarel-Medet. The value of the facility is BGN 1.366 mln. After the introduction of the installation, the monitoring data over Panova river confirmed the expected high environmental performance. The measured pH of the river water is permanently above 6.0 and meets the requirements for the concentration reported by the Regional Inspectorate for Environment Protection. This is the fourth antifiltartion screen on the territory of the complex - part of the system for water protection from pollution. In 2008 Asarel-Medet JSC invested over BGN 7 million in projects for environmental protection, monitoring and effectiveness of treatment facilities. This year, because of the global financial crisis, Asarel - Medet cut by half its investment program, but the planned investments in ecological projects will be implemented, the company reported.
Source: Dnevnik (08.06.2009)

Asarel Medet received European funds for a stage of tech modernization A funding of BGN 5 mln was won by a project of Asarel Medet JSC, which is to be implemented under Operative Program Development of the Competitiveness of the Bulgarian Economy. The total stage of the project for technological modernization of the company operations is BGN 12 mln as the rest is invested by Asarel Medet. Within 18 months the ore preparation process in Fine Crushing mill of the enrichment plant Asarel will be optimized, a new float-gravity process and a highest class integrated ERP control system will also be introduced, the company said. This would allow the realization of the strategic goal of Asarel Medet – providing maximum usage of the mineral resources and effectiveness of the operations through low cost and high quality of the produced copper. This is the second project of the company that wins funding under the operative programs. Recently the project ‘Managers are not born, they are made’ was finished. It received funding under the OP Development of the Human Resources and secured a series of trainings for 105 managers and specialists.
Source: Dnevnik (29.07.2009)

EU help for Assarel Medet Project of Assarel Medet AD won a BGN 5 million non-repayable aid under the competitiveness operative programme. The funding will be used for technological modernisation of the mining complex and will help reach the strategic goal which is maximum utilisation of raw materials, the executive director Lachezar Tsotsorkov said. The whole project amounts to BGN 12.126 million and should be ready for 18 months.
Source: Pari (30.07.2009)

Asarel Medet invests BGN 102 mln Asarel Medet has extracted and processed 13.071 mln tons of copper ore in 2008 and the extracted ore mass is over 53 tons, which is not only a personal company record but a record for the sector in Bulgaria. This was announced by the exective officer of the company Lachezar Tsotsorkov during the greeting of the guests of the traditional company holiday of Asarel Medet. The mining company has invested over BGN 102 mln in modernization, energy efficiency and environmental protection last tear. As part of the anti crisis measures the company cut off its production programme as it plans the exctraction of 34 tons of ore mass, which is 36 percent less as compared to 2008.
Source: Pari (31.08.2009)

Assarel-Medet wins Pari daily's big prize Assarel-Medet won Pari daily's big prize for socially responsible company of the year. Prize winners in the five categories are Roca Bulgaria (responsibility towards environment), Stomana Industry (responsibility towards employees), Eurobank EFG (ethical business behaviour with stakeholders), AstraZeneca (participation in projects with long-term social effect) and DSK Bank (charity).
Source: Pari (25.09.2009)