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Socio-Economic Impact Analysis of Dundee Precious Metals' Mining

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Socio-Economic Impact Analysis of Dundee Precious Metals' Mining I.M.E. 61 Patriarh Evtimii Blvd., fl. 3, 1463, Sofia, Bulgaria Tel./fax: (+359 2) 952 62 66, 952 35 03 E-mail address: [email protected] Website: www.ime.bg Socio-Economic Impact Analysis of Dundee Precious Metals’ Mining Projects in Bulgaria Institute for Market Economics Team: Krassen Stanchev, Ph. D. George Zahariev, Ph. D. Adriana Mladenova Dimitar Chobanov Metodi V. Metodiev Sofia, January 2007 TABLE OF CONTENTS PREFACE................................................................................................................................. 4 I. INTRODUCTION ................................................................................................................ 5 1. Methodology Used and Sources of Information................................................................ 5 2. Theoretical Background of Studying Mining Operations and Assessing Their Impact on the Economy ........................................................................................................................ 6 2.1. Natural Resource-endowment Approach .................................................................... 6 2.2. Theoretical Approaches............................................................................................... 6 II. BULGARIA: ECONOMIC CONTEX OF THE COUNTRY....................................... 10 1. Business Environment........................................................................................................ 10 2. Macroeconomic Situation.................................................................................................. 14 3. Overview of the Mining Industry in the Country ........................................................... 16 III. A STUDY OF DUNDEE MINING OPERATIONS IN CHELOPECH ..................... 18 1. Chelopech Municipality at Glance – Demographic, Economic and Social Situation .. 18 2. History of Dundee’s Activities and Description of the Operations of the Mine in Chelopech................................................................................................................................ 19 3. Economic Impacts of the Mining Operations in Chelopech........................................... 21 3. 1. Economic Impacts on a Local Level........................................................................ 21 3.2. Economic Impacts on a Regional Level.................................................................... 24 4.3. Economic Impacts on a National Level .................................................................... 26 3.4. Fiscal Benefit Streams from the Mine in Chelopech ................................................ 29 4. Social Impacts of the Mining Operations in Chelopech ................................................. 31 IV. PROSPECTIVE DUNDEE PRECIOUS METALS’ PROJECTS IN BULGARIA .. 34 1. Project Outline for Expansion and Redevelopment of the Chelopech Mine................ 34 2. Krumovgrad Gold Project................................................................................................. 37 2.1. General Information on Krumovgrad Municipality.................................................. 37 2.2. Economic Impacts..................................................................................................... 40 2.3. Social Impacts ........................................................................................................... 41 Institute for Market Economics, www.ime.bg V. STUDY OF THE PROPOSED TECHNOLOGY TO BE USED IN THE MINING OPERATIONS – CYANIDE USE IN GOLD AND COPPER PRODUCTION .............. 44 1. Cyanide in Gold Extraction............................................................................................... 44 2. Handling of Cyanide ..........................................................................................................45 3. Cyanide in Solutions........................................................................................................... 45 4. Attenuation of Cyanide Concentrations in the Environment ........................................ 46 4.1. Treatment .................................................................................................................. 46 4.2. Recycling................................................................................................................... 47 5. Risk Management for Cyanide in the Mining Industry ................................................. 47 6. Finding on Dundee Projects .............................................................................................. 47 VI. GOVERNANCE AND MINERAL ROYALTIES........................................................ 49 1. Governance ......................................................................................................................... 49 2. Mineral Royalties ............................................................................................................... 50 2.2. Types of Royalties and Assessment Methods........................................................... 50 2.3. Government and Investor Royalty Preferences......................................................... 52 2.4. Royalties in Selected Countries................................................................................. 55 2.5. Implications of Royalty............................................................................................. 58 2.6. Tax Regime in Bulgaria ............................................................................................ 59 2.7. Recommendations and Best Practices....................................................................... 59 2.8. Concluding Remarks on Royalties............................................................................ 61 VII. CONCLUSION............................................................................................................... 63 REFERENCES....................................................................................................................... 64 3 Institute for Market Economics, www.ime.bg PREFACE The purpose of this study is to give a thorough and overall analysis of the operations of the Dundee Precious Metals Inc. (Dundee) in Bulgaria and present the economic and social impacts of its present and prospective mining activities. The introduction of the study presents general purpose of this study, the methodology used and the sources of information. It includes a theoretical approach of studying of socio- economic impacts of mining projects on a country. The second part of the report provides a description of the country context by assessing the general business climate and presenting the macroeconomic situation of the country with a focus on the mining and quarrying industry development. In the third part of the report we outline and assess what economic and social effects the Chelopech mine has had on national, regional and local level. We also present an analysis of the operation of the mine from a fiscal point of view. In part four we present a summary of two project ideas for (1) expansion and redevelopment of the Chelopech mine, and (2) the construction of a gold mine in Krumovgrad and evaluate the prospective effects on all levels of the economy of these projects. In part five we analyze the proposed technology to be used in the projects (cyanide use in gold and copper production) and evaluate it from both environmental and health-and-safety point of view. In part six we analyse the governance context and tax regime of the country. We present the rates of royalties imposed on mining activities in different countries and outline the best world practices in taxation. This part includes our commentaries on the proposal for amendment of the ordinance for evaluation of the concession fees for mine exploration in Bulgaria. We end up this section by making some policy recommendations and summarizing the main findings. The last part concludes. 4 Institute for Market Economics, www.ime.bg I. INTRODUCTION We identify different kinds of impacts generated by the presence of the mine, both of a financial (e.g. salaries, fiscal revenues) and non-financial character (e.g. education, infrastructure development, social community improvement, etc). We have divided the impacts into economic and social but they are related to each other and a cutting line cannot be put between these two categories. With this study we try to present a comprehensive picture of the effects of Dundee’s activities in Bulgaria and make a realistic and impartial evaluation of its presence in the economy. 1. Methodology Used and Sources of Information The proposed methodology on evaluation of the socio-economic impacts of the mining projects of the company consists of the following elements: 1. preparation of an economic impact analysis of the mine on the local, regional and national economy referring to direct, indirect and induced effects, 2. development and preparation of an analysis of the benefits and costs of economic development in terms of their impact on the social patterns and the environment of the local communities, and 3. an integration of these two activities into an overall analysis of the economic, social and environmental benefits and costs of the mine development for the local population and national economy. Economic Impacts The term "economic impact" refers to short-term changes in employment, earnings, and regional output that occur in the regional economy as a result of development projects or of a particular business enterprise. Multipliers capture
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