Devnya Cement to alter production strategy

Bulgaria's government has announced it will terminate the concession contract awarded to Devnya Cement for a quartz sand deposit in the Varna region, upon the company's request.

The company has decided to alter its future production strategy due to market conditions and therefore no longer intends to use deposit, according to a government statement. Devnya Cement had won the concession in 2009.

In 2018 the company generated revenues of BGN137.3m (US$78.2m) and closed the year with a net profit of BNG16.9m.