Bulgaria Gold reserves drop sharply
Bulgaria, last year announced the discovery of two gold deposits,whose geological reserves are estimated at over 100 tons but only preliminary works have been completed at these sites.
Bulgaria said it's gold reserves dropped sharply due to decline in the price of the precious metal on international markets by about 18% since the beginning of 2013.
Country's central bank, Bulgarian National Bank in a statement said gold reserves dropped by BGN(Bulgaria lev) 473.5 million since the beginning of the year to BGN 2.676 billion, central bank data shows.
The reason is the sharp decline in the price of the precious metal on international markets by about 18% since the beginning of 2013.
The central bank’s foreign-exchange reserves amounted to a total of BGN 27.969 billion.
Bulgaria, last year announced the discovery of two gold deposits,whose geological reserves are estimated at over 100 tons but only preliminary works have been completed at these sites.
Currently, only one goldmine operates in the country - near Chelopech, by the company "Chelopech Mining" of the Canadian "Dundee Precious Metals."
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