Top economists analysed Ellatzite-Med’s contribution to regional economic growth
The Institute for Market Economics (IME) presented a report showing for the first time the real contribution made by Ellatzite-Med AD, part of GEOTECHMIN GROUP, to the socio-economic development of Etropole and Srednogorie regions.
Official statistics don’t cover the company’s impact on the economic profile of the municipalities, because all employees are included in the company’s staff register in Mirkovo Municipality where Ellatzite-Med is the largest employer. This is the reason why salary-related information is kept confidential.
The analysis was conducted by Mr Lachezar Bogdanov, Chief Economist and Mr Petar Ganev, Senior Research Fellow at IME. It shows the real impact made by the copper mining company on the municipalities’ growing and vibrant economy:
- Ellatzite-Med is among the 25 largest non-financial enterprises with the highest direct contribution to household budgets in Bulgaria.
- The added value of the company’s activities exceeds BGN 440 million in 2022.
- Concession fees of BGN 16.9 million were paid in 2022.
- With more than 2,000 employees, the company is the largest employer in Etropole and Srednogorie regions.
- The average monthly gross salary in 2022 is 2,649 BGN, which is 50% higher than the average salary in the country and 10% higher than the average salary for the mining industry.
- In 2022, Ellatzite-Med AD generated nearly BGN 53 million of gross earned income for the population only in Srednogorie and Etropole regions.
- The direct net labour input of Ellatzite-Med AD in the region of Srednogorie and Etropole amounts to BGN 46.5 million.
- Ellatzite-Med AD triggered a secondary economic impact on local economic activity, estimated to BGN 27.8 million, as a result of the consumer demand of its workers and their families.
- Only last year, Ellatzite-Med’s contribution to Etropole Municipality’s own revenue in the budget amounted to BGN 4.9 million, for Mirkovo Municipality – BGN 3.3 million and for Chavdar Municipality – BGN 1.5 million. These are the municipalities where the largest part of the company’s concession area is located
