Bulgaria is a member of the European Union and an attractive destination for mining investment. The country’s mining law was established in 1999 and updated in 2011 and 2020. The country issued a 2015-2030 National Mining Strategy for the development of the mining industry with the aim to create a sustainable development of the Bulgarian mining industry.
Mining royalties are low and compare favourably with more established mining countries like Canada, Peru and Chile. Bulgaria also boasts an exceptionally low corporate tax rate of only 10% and the country’s education system is excellent with good availability of experienced mining professionals in a favourable cost environment.
Foreign mining companies are successfully operating in Bulgaria. Despite the positive operating environment, the number of established companies is low and Velocity is among the first movers in a new influx of foreign mining investment.