EBRD supports greener copper mining in Bulgaria

• EBRD lends up to €55 million to copper producer Asarel Medet in Bulgaria
• Financing supports mining efficiency and captive renewable capacity
• As Bulgaria speeds up green transition, more efficient copper production is key

The European Bank for Reconstruction and Development (EBRD) is providing a loan of up to €55 million to Asarel Medet AD, a leading copper producer in Bulgaria, to support the modernisation and decarbonisation of its mining operations.

The loan will support sustaining and exploration capital expenditure at the company’s open-pit copper mine in Panagyurishte, as well as investment in captive renewable energy generation. The investments will improve operational efficiency while lowering emissions associated with electricity consumption.

Bulgaria is accelerating its green economy transition, and copper is a critical raw material for electrification, renewable energy infrastructure and e-mobility. Supporting more efficient and lower-carbon copper production contributes to both national and European transition goals.

The operation is expected to deliver transition impact primarily through its Green component, with around 68 per cent of EBRD financing qualifying as green finance. It will also support improvements in corporate governance, strengthening the company’s compliance policies and procedures.

Speaking on the project, Jacqui Powell, EBRD’s Managing Director for the Corporate Sector, said: “This project demonstrates how targeted financing can support the sustainable development of critical raw material supply in Europe. By combining operational improvements with renewable energy integration, Asarel Medet is advancing both competitiveness and alignment with the green transition.”

Asarel Medet AD operates the Asarel copper mine in Bulgaria and is a key producer of copper concentrate supplying European markets. The company has been progressively modernising its operations, with a strong sustainability track record characterised by continued investments in renewable power integration, resource efficiency and improved environmental and social management systems.

Dimitar Tsotsorkov, Chairman of the Supervisory Board at Asarel Medet stated: “Asarel is pleased to deepen its cooperation with the EBRD on a comprehensive environmental, health and safety, and social action plan aligned with the highest international standards. As a major supplier of copper to Europe’s industry and energy transition, maintaining strong ESG performance is essential to our competitiveness. We appreciate the constructive support of the Bulgarian Government and the EBRD as we continue to modernise Asarel Medet in a responsible and sustainable manner”.

The EBRD is a leading investor in Bulgaria. To date it has invested nearly €5.2 billion in 324 projects.