The largest Mining and Quarrying company in Bulgaria, Mini Maritza East EAD, is situated within the Stara Zagora region. The company is entirely state owned property and is part of Bulgarian Energy Holding. The company produces lignite coal in 3 mines with a total area of 240 sq. km, located within the Eastern Maritsa Lignite deposits, using the open pits method. The company has signed a concession contract, allowing it to produce coal for the next 33 years, with a possibility to extend the concession term for another 15 years. The coal deposits amount to 2.1 bln. tons.
Mini Maritsa East EAD is the company with the most employees in the Stara Zagora District. 7,500 people work in the 3 mines and in the company’s administration. Through its activities, the company guarantees the jobs of hundreds of people from other companies engaged in maintenance and repair works or supplying materials and/or services.
Mini Maritsa East EAD completed the fiscal year 2009 with a profit of BGN 6.5 mln. (forecast data), despite the reported loss of BGN 23 mln. for the first half of the same year. The company paid BGN 20 mln. Value Added Tax for 2009. In 2008, the company’s net profit amounts to BGN 1.6 mln. and the net sales revenues total BGN 417 mln., which is 16% sales growth compared to the previous year.
In order to achieve these financial results, Mini Maritsa East EAD reduced its planned investments for 2009 by BGN 50 mln. As of the end of 2009, the company owes BGN 23 mln. to suppliers and subcontractors.
In 2010, BGN 96 mln. will be invested in heavy mining equipment. Assuming that the coal prices stay firm, the company expects to end the fiscal year 2010 with a profit of BGN 7.4 mln.
The planned annual production of coal for 2010 is 26 mln. tons and a record achievement for the Bulgarian Mining and Quarrying sector of 28 mln. tons is expected for 2011, based on the forecast demands of the four thermal power plants in the region. The company’s 2009 business plan envisaged coal production of 25.1 mln. tons with excavation of 94.5 mln. cubic meters of soil.
The economic indices in the Mining and Quarrying sector are determined by two more companies, i.e. Inermat AD and Stroycombinat–M AD, engaged in the quarrying of sand and gravel for the construction industry.
