Asarel Medet receives up to €55 million from EBRD for copper mine modernization

The European Bank for Reconstruction and Development (EBRD) is providing a loan of up to €55 million to Asarel Medet AD, a major copper producer in Bulgaria. The funding is intended to support the modernization and decarbonization of the company’s open-pit copper mine located near Panagyurishte.

The investment will cover capital expenditures for mining maintenance and exploration, as well as the development of captive renewable energy production. These initiatives aim to improve operational efficiency and reduce emissions related to electricity consumption. Approximately 68% of the financing is classified as green finance.

Additionally, the project will focus on strengthening corporate governance and enhancing compliance policies and procedures. As copper is a critical raw material for electrification, renewable energy infrastructure, and e-mobility, the project is positioned to support the sustainable development of critical raw material supplies within Europe.