Olovno Tzinkov Komplex AD, a Bulgarian lead and zinc smelter run by Intertrust Holdings AD was ordered to close its lead unit because of excessive pollution.
The Environment Ministry said that the Kardjali based smelter exceeded its annual limit of 24 lead and sulphur dioxide emissions above a specified level by April 12th 2011.
Mr Roberto Mladenov ED of Intertrust said that “About 350 people will be laid off and we need to coordinate this with government authorities. The order to close the lead unit was issued this morning.”
Mr Valentin Zahariev chairman of Intertrust said that Intertrust seeks USD 70 million to upgrade the unit by 2013 to meet European Union anti pollution requirements. Intertrust is investing EUR 50 million to expand the zinc smelter. It plans to have a new electrolyte unit in operation by the end of the year and to re equip two more zinc units next year. Zinc output will be 20,000 tonnes this year the same as in 2010.
Bulgaria is recovering from its first recession in more than a decade after foreign investment dried up during the global credit crisis. The EU’s poorest country in terms of per capita GDP is counting on demand for its exports, including metals and machinery to boost growth to 3.6% this year after 0.2% in 2010.
(Sourced from Bloomberg.net)
