Canadian company Dundee Precious Metals announced it might leave Bulgaria if the Water and Environment Ministry continues delaying the issuing of a permit for expanded company activities.

Company representatives said if a decision is not taken soon the gold extraction mine near Chelopech might be closed down, Sega newspaper reported. Such move will leave 750 people unemployed.

On March 10 an expert group from the ministry approved a report concerning the environmental effects of the project. Minister Djevdet Chakurov requested a final approval of the report from a deputy minister. With his request, decision-taking was postponed until March 27.

Dundee Precious Metals has received a first class investor certificate. The company invested $ 125 million in two projects in Bulgaria and is expected to provide additional $ 175 million.

The environment permit will determine the fulfillment of company goals for the third quarter of 2006. If deadlines are not met, the expansion project will be postponed for the years after 2008. Even if the company does not leave Bulgaria, it will have to decrease the number of its employees.