April 16, 2010 / 1:14 PM / 9 years ago

UPDATE 1-Bulgarian Court blocks Dundee Precious Chelopech plant

* Dundee says decision will not impact expansion plans

* Court cites EIA delay, technology doubts

April 16 (Reuters) - Dundee Precious Metals Inc (DPM.TO) said a final decision by the Supreme Administrative Court of Bulgaria confirmed an earlier decision by a court panel to revoke a resolution for building a metals processing plant in Bulgaria.

“While we are disappointed with the decision, it in no way impacts the mine/mill expansion to 2 million tonnes a year that is currently underway at Chelopech,” Jonathan Goodman, president and chief executive of DPM said in a statement.

In November, a three-member panel of the court had revoked an Environment Impact Assessment (EIA) resolution issued by the Ministry of Environment and Waters and asked for the EIA administrative file to be returned for another review.

Dundee said the court panel revoked the resolution citing the two-and-a-half year gap between the review and the issuance of the resolution, the incorrect definition of impacted communities and doubts regarding the processing technology.

Shares of the Toronto-based Dundee, which have lost over 4 percent of their value in the last three months, closed at C$3.63 Thursday on the Toronto Stock Exchange. (Reporting by Abhiram Nandakumar in Bangalore; Editing by Jarshad Kakkrakandy)

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