Ada Tepe gold mine

Dundee Precious Metals
CPP: $11 million [1]

Dundee Precious Metals hopes to construct the Ada Tepe gold mine in the East Rhodopi mountains, near the town of Krumovgrad.  A substantial majority of local residents, concerned about the mine’s impact on agriculture, tourism and historic monuments, oppose the project.  In 2005, the Municipal Council of Krumovgrad passed a resolution rejecting the project on environmental grounds.[2]  Nearly 10,000 people, representing close to 90% of eligible voters, endorsed the resolution by signing the document.[3]  In July 2006, Bulgaria’s Supreme Administrative Court blocked a complaint brought by the company against the Environment Ministry for its failure to issue a decision regarding the company’s environmental impact assessment.[4]

[1]  CPP Investment Board Canadian Equity Holdings as of March 31, 2006.
[2]  Resolution 329. September 16, 2005.
[4]  Dnevnik newspaper. July 14, 2006.