Tirex Resources to Begin Copper and Gold Production in Albania

Tirex Resources, a Canadian company based in Vancouver, has concluded its exploration activities in Albania and informed the government of plans to convert several exploration concessions into mining concessions. The company aims to begin production soon in six deposits in the Mirdita region, focusing on copper, gold, and zinc extraction.

The volcanic deposits in the Mirdita area are believed to hold significant reserves of copper, zinc, gold, and silver, largely due to past volcanic and hydrothermal activities. The Mirdita region has long been the subject of government programs and investments, as it features deposits and mines at various stages of development. According to Tirex representatives, some of these sites were formerly production mines, while others were nearing operational status when Albania experienced disruptions due to democratization and privatization.

In March, Tirex entered production in Albania through a partnership with Ekin Maden, a major Turkish metals and minerals company. Under the agreement, the two companies merged their interests, with each holding a 50% share of the profits. Tirex will contribute its six deposits in Mirdita, while Ekin Maden will finance mining development and establish processing facilities.

Tirex noted that this venture comes at a time of significant changes in Albania, including a flat 10% tax rate for corporations, NATO membership, aspirations for EU integration, and the ongoing development of parliamentary democracy. These factors are seen as contributing to a favorable environment for the mining sector.