Page 93 - SE Outlook Regions 2024

5.3.3 Industry
In 2024, Bulgarian industry will be widely affected by the economic stagnation across Europe caused by the Russian war in Ukraine. Despite that, the country can rely on the steady performance of precious metals production.
Among the internationally listed mining companies active in Bulgaria, Dundee Precious Metals has strong results for gold and copper production. In 2023, Dundee extended the life of its Chelopech mine in Bulgaria to 2032 and updated the mineral resource and mineral reserve estimates for the project. The company said the proven and probable mineral reserves are 1.6mn ounces of gold and 305mn pounds of copper.
Canada's Velocity Minerals said in November 2023 that it plans to begin drilling at its main exploration target, the Zlatusha gold and copper property in Western Bulgaria, in the first half of 2024. Velocity has completed extensive geophysical and geochemical surveys as well as mapping and prospecting programmes, analysing over 600 rock samples and 1,400 soil samples. The company has an exclusive option to acquire an interest of up to 75% in the Zlatusha property from Zelenrok, a Bulgarian subsidiary of Australia's Raiden Resources.
After the start of the Russian invasion of Ukraine, Bulgaria’s defence industry saw solid growth, which is expected to continue in 2024.
Tourism, on the other hand, could suffer from insecurity related to floating mines found in the Black Sea, as well as from the warm weather during winter.
5.3.4 Major Sectors & Companies
Among Bulgaria’s sectors with strongest growth potential in 2024 are
automotive, defence, IT and construction.
In May 2023, Bulgarian electric cars producer Sin Cars Industry said it had four new orders for delivery of its vehicles by the end of June with the sales revenue seen at over BGN400,000 (€204,517). Despite criticism of the slower-than-expected development, Sin Cars has the potential to grow rapidly in 2024 amid the EU’s goals for green transition.
In December 2023, Bulgaria’s government approved a memorandum of understanding with Schneider Electric Bulgaria for a project worth BGN107mn to build a new smart manufacturing centre, incorporating renewable energy sources and expanding existing facilities near the city of Plovdiv. The facility will be the first of its kind in Central and Eastern Europe and will create at least 105 new jobs.
Meanwhile, Bulgarian cargo drone maker Dronamics is expected to launch the first ever cargo drone interline in cooperation with Qatar Airways Cargo. Dronamics will offer cargo services from any of its droneports, initially in Greece, to the wider Qatar Airways Cargo
93 SE Outlook 2024 www.intellinews.com