The concessions of Asarel, Elatsite and Chelopech mines resulted in a seven billion dollar loss for Bulgaria, Banker newspaper reported, quoting a Green Balkans ecological report.

Ecologists said that the three mines were sold for a price equaling less than one per cent of their actual value. The state paid nearly $2.5 billion for the setting up of the complexes, which were sold for less than $20 million.

Bulgaria also received insignificant concession taxes for the extraction of natural resources, the report said. The amount of resources that could be extracted from the three locations exceeded $10 billion, Green Balkans said.

According to the ecologists Bulgaria was going to lose nearly seven billion dollars. The privatisation agreements should be canceled to prevent such high loss, the report said.

Recently Environment and Water Affairs Minister Djevdet Chakurov called for reconsideration of natural resource extraction policies, Banker reported.

Chakurov said that extraction taxes should increase, as current income from such concessions was insignificant.