Ellatzite-Med celebrates 50 years of innovation, sustainability and growth
Ellatzite-Med AD proudly marks three historic milestones – 50 years since its founding, 25 years since the company became part of GEOTECHMIN GROUP, and on the occasion of National Miner’s Day. Held in the village of Mirkovo on 22 August 2025, the event brought together government officials, local authority representatives, and members of business and public organizations.
Honouring the past, embracing the future
Prof. DSc. Eng. Tzolo Vutov, President of Geotechmin OOD and Chairman of the Supervisory Board of Ellatzite-Med AD, expressed his heartfelt gratitude to the company’s 30,000+ employees and veterans, along with its partners and supporters throughout the years. ‘Today we honour the past with our eyes firmly set on the future. Our ongoing projects will secure the company’s operations until 2041. This means our children and grandchildren will inherit not only stable job opportunities, but also knowledge and a sense of pride in what we are building today,’ he said.
He emphasized that more than BGN 1.7 billion has already been invested in modernization and environmental protection projects, with further investments planned. Annually, the company contributes over BGN 110 million to the Bulgarian economy in the form of taxes and social security contributions.
Furthermore, Prof. Voutov expressed his gratitude to his wife and family, who have been a constant source of strength and encouragement, supporting him in his work and efforts to elevate the company to its leading position in the sector. He also recognized the exceptional contribution of other companies within GEOTECHMIN GROUP, which are celebrating their 20th anniversary: Geoproject EOOD managed by M.Eng. Valentin Ketipov, Geostroy AD with its Chairman of the Board of Directors PhD Eng. Vladimir Vutov, and Geotrading AD with its Chairman of the Board of Directors PhD Eng. Ivan Vutov.
Deputy Minister of Energy Krassimir Nenov highlighted the company’s significant role in the development of the Bulgarian economy and industry, noting its substantial investments in automation, safety, and efficiency. ‘Your plans for future investments are truly inspiring, as they will further advance the mining industry. I would also like to commend your commitment to supporting local communities in the regions where you operate,’ he said in the congratulatory message on behalf of Minister of Energy Zhecho Stankov.
Mrs Silvia Arnautska, Regional Governor of Sofia Region, emphasized the importance of the company’s contribution to regional growth ‘The future of Ellatzite-Med and GEOTECHMIN is yet to come. This industry exists thanks to the people – all of you who are an integral part of it.’
Mrs Tsvetanka Yotina, Mayor of Mirkovo Municipality, spoke about the successful partnership between the company and the local community. ‘With the support of Ellatzite-Med and other companies from the Group, Mirkovo Municipality now boasts several newly asphalted streets, a fourth-class road, renovated and new children’s playgrounds, a retrofitted kindergarten, and fully replaced water pipelines. I wouldn’t miss mentioning the ongoing support for education and
culture. When businesses and municipalities align their goals and work hand in hand, great things can be achieved,’ she added, presenting honorary plaques to Prof. Tzolo Voutov and M.Eng. Dragomir Draganov.
In his welcoming speech, M.Eng. Dragomir Draganov, Executive Director of Ellatzite-Med, recounted the company’s remarkable success story since its establishment in 1975. Firstly, the project was designed for the extraction and processing of 205 million tonnes of copper ore, with a maximum capacity of 10 million tonnes, and was expected to cease operations by 2006. The company faced enormous challenges during the 1997-1998 crisis and was put up for privatization. Its acquisition by GEOTECHMIN GROUP in 2000 marked a turning point, extending the mine’s life and securing its future.
‘Years of substantial investments – hundreds of millions spent on modern mining equipment and technologies – have transformed Ellatzite-Med AD into one of Bulgaria’s leading mining companies. I would like to express my deepest gratitude to Prof. Voutov and to all workers and employees whose dedication, knowledge, and skills made this success possible,’ said M.Eng.
Working together, rejoicing together
The celebrations began with lively performances by amateur folk ensembles and a solemn water-blessing ceremony, followed by an exciting musical programme featuring famous singers, dancers and musicians, creating a spirit of joy and unity among employees, partners, and local communities. The event was held under the company’s anniversary motto: 50 Years of Sustainability. 25 Years of Innovation. Together, We Are Building a Better Tomorrow! With care for future generations!
