Bulgaria
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]

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[1]  CPP Investment Board Canadian Equity Holdings as of March 31, 2006.  http://www.cppib.ca/files/PDF/Canadian_Equity_Holdings.pdf
[2]  Resolution 329. September 16, 2005.  http://www.cyanidefreerhodopi.org/index.php?articleid=106
[3]  http://www.bankwatch.org/project.shtml?apc=147581-----1&w=147581&s=368448
[4]  Dnevnik newspaper. July 14, 2006.