• It is among the largest recent investments in the mining sector in Europe
• 25 million dollars is the investment for the project of the Shaft Number 9
• The project will be finalized in approximately 20 months
• It will increase the lifecycle of the mine
• 1,164,800 tons of extractable chromium ore reserves is expected to be achieved after the investment
• After this investment, the average annual output will reach 80,000 tons
• The Shaft Number 9 will be 600 meters deep and will reach the quota of 180 meters below the sea level

The ceremony to announce the start of works in the depth of the Mine of Chrome in Bulqiza, the opening of Shaft Number 9 was organized on Wednesday. This investment of AlbChrome, part of Balfin Group, is among the largest recent investments in the mining sector not only in Albania but also in Europe.. The amount to be invested in this project is 25 million dollars and this project will enable the reach of 2,126,800 tons of geological reserves of chrome ore.

Present at the opening ceremony were the Minister of Energy and Industry, Mr. Damian Gjiknuri, Minister of Social Welfare and Youth, Mr. Veliaj and the President of Balfin Group, Mr. Samir Mane. Shaft Number 9 will penetrate the subsoil at a distance of 600 meters, starting at the quote of 420 meters above sea level and will end at the quota 180 meters below sea level. The realization of this project opens the way to further expansion of the mine to reach the quota 250 meters below sea level. According to the preliminary estimates, experts foresee that from the total mass of geological reserves, 1,164,800 tons is the extractable amount. The ore that will be extracted will be of 41.52% Cr2O3 quality.

In his speech, the CEO of AlbChrome, Mr. Luan Saliaj, thanked the participants and added: "This investment starting today is the foundation of all our work, which has begun and will continue under a programme that plans investments also in the enrichment of ore and melting and trading of ferrochrome "Made in Albania". Our investments will offer more employment and income for the local community, the company, the local government and the country. " He then continued: "This investment is the most important initiative to develop the Mine of Bulqiza and is also a challenge for Balfin Group that decided to make real what was required in more than 15 years, to increase the reserves of chrome and the existence of the mine of Bulqiza itself."

The Minister of Energy and Industry, Mr. Damian Gjiknuri, expressing his appreciation for the effort done by AlbChrome and Balfin Group stated: "Before, others failed (in realization of this project), and I said that I was going to visit Bulqiza only when I would have the possibility to visit Shaft Number 9. Indeed today that is exactly what it is happening and it is for real. I have great pleasure to be here with you, to celebrate an important day for the company, for the chrome industry and all this region which I am convinced will benefit a great deal from work in this mine."

Minister of Social Welfare and Youth, Mr. Veliaj, stated that "There exists a formula where benefits, not only the business, the state or the employees but where benefit all three: the business to operate and become successful; employees to have decent salaries; the state to take what belongs to it.” He thanked AlbChrome, part of Balfin Group, for investing in Bulqiza, where in addition to securing long term jobs for current employees, with the opening the Shaft Number 9, for also creating new jobs.

Works for the opening of Shaft Number 9 are anticipated to be completed within a 20 month period. This project was approved by specialized institutions in the field of mining activity to pursue further implementation on the ground. For the proceedings of the Shaft Number 9, AlbChrome has contracted one of the most prestigious companies in the minerals construction industry, "Wenzhou Engineering and Mining Co. Ltd.". This company will perform the installation of machinery and equipment required for the work of miners.

The project of the Shaft Number 9 marks a new opportunity for the entire region of Bulqiza. In addition to securing long-term jobs for current employees, after the opening of the Shaft Number 9 more job opportunities will be generated. This AlbChrome’s investment ensures the longevity of the mine but also enables increased annual production up to 80,000 tons of chromium. AlbChrome is a company 100% owned by Balfin Group, the largest group in Albania. Part of Balfin Group are also other successful companies in Albania and in the Balkans such as Neptun, Mane TCI, Tirana Logistic Park, QTU, TEG, etc.