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Albanian Times, 96-05-09

The Albanian Times (by AlbAmerica TRade & Consulting International) Directory

From: AlbAmerica Trade & Consulting International <>

Albanian Times
May 9, 1996


  • [01] Nebex Mining Company Focuses on Albania

  • [02] Albania:All 14 Drown Victims Found

  • [03] Albanian Immigrants Help Boost Greek Economy

  • [04] Street Dealers Still Dominate Currency Market

  • [05] EDU Shows Support for Democrats Ahead of Polls

  • [06] More than $40 Million in Public Investment

  • [01] Nebex Mining Company Focuses on Albania

    LONDON, May 8 - Canadian mineral exploration company Nebex Resources Ltd <NBX.AL> is focusing its activities on Albania, leading other Western mining companies in this country, company officials said. Nebex President and Chief Executive Officer Brian Douglas said at a London presentation that the approval of a favourable Albanian mining law in 1994 had encouraged this trend. Nebex has some 20 properties under consideration. To develop these, Nebex would look to do a joint-venture deal with a major mining company. Already majors such as Teck Corp <TEKa.TO> and Phelps Dodge Corp <PD.N> have expressed interest. Nebex's Albanian portfolio covers 11 copper deposits and mineral concessions at Mirdita, Kukes, Kacinari and Radomira. The projects are in partnership with Geoalba, the country's research body, and Nebex can earn an 80 percent interest, geologist Mike Trapnell said. At Mirdita, which is the first area being drilled and is Albania's main copper producing area, there are copper, gold and zinc deposits.

    There is an inventory of 180 million tonnes of copper ore. Kukes has copper, nickel and platinum potential, while Kacinari and Radomira are gold targets. Geophysical surveys will be carried out this summer to identify drilling areas, he said. Trapnell said that Albania is stable politically, unlike some of its Balkan neighbours. The mining laws were modelled on regulations in Ireland and are thus beneficial for outside mineral exploration. In the last month two other junior companies have applied for mineral concessions. (Albanian Times/Reuters)

    [02] Albania:All 14 Drown Victims Found

    TIRANA, May 8 - Rescue Teams of Albania's Interior Ministry recovered all 14 bodies of Tuesday's incident in the Lake of Prespa, Pogradec District, where 13 local secondary school students and their teacher were drown after their boat capsized in stormy weather. The privately owned boat was carrying 20 people, but only 6 could make it to safety. The victims 12 girls, 1 boy and their teacher, were from the villages of Zervaska and Starova. President Sali Berisha interrupted his campaign speaches and met with the victim families. (Albanian Times)

    [03] Albanian Immigrants Help Boost Greek Economy

    ATHENS, May 8 - A recent study by a Greek private institute says that illegal workers - mainly Albanians, add an extra 2,3 per cent to Greece's GDP by doing jobs which would not otherwise exist. The study conducted by the Center for Economic Policy Research, estimates that illegal labor adds an extra 3 per cent yearly to farm output and also boosts construction activity by about 8 per cent yearly. The yearly cost of employing an Albanian immigrant is about one-third that of a full-time worker. Thousands of Albanians have returned to invest their savings in new homes and small businesses. Albanian migrants last year took home around $300 million-equivalent to more than 60 per cent of Albania's export earnings- according to the Greek Foreign Ministry. The funds are fueling a construction boom in Albania, with building materials also being imported by returning migrants. Most Albanians carry their earnings across the border in cash, as Albania's rudimentary banking system cannot handle large numbers of small remittances from abroad. Immigrants also open savings accounts at Greek banks, where Albanian-held deposits are estimated at more than Dr20 billion ($82 million). (Albanian Times/Financial Times)

    [04] Street Dealers Still Dominate Currency Market

    Street dealers have dominated the foreign currency trade in Albania since the former communist regime collapsed in 1991. They have also had a virtual monopoly on bying and selling the privatisation vouchers the government began to distribute last year. The voucher market has been weak, however, and fewer than 20 per cent of 1 million Albanians awarded them invested in newly privatised companies. The street traders say most voucher holders prefer to sell the vouchers for quick cash, even though the current price is only 12 per cent of the nominal value of the vouchers. Inevitably some of the street dealers who have not been licenced for the stock market are fearful for their futures and believe that the government will begin to crack down on their activities. "The future will be in the stock market," says one of them, referring to the newly opened bourse in downtown Tirana. "But for now there is no way to stop this street trade where people come from all over Albania to buy and sell. It will only be stopped when there is a private bank in every city and village." (Albanian Times/Financial Times)

    [05] EDU Shows Support for Democrats Ahead of Polls

    The European Democratic Union an 18-year-old grouping of conservative parties has expressed strong support for the Albanian Democratic Party ahead of May 26 elections. A message of EDU president Alois Mok to the Democratic Party chairman Tritan Shehu, expressed hope that the Albanian electorate will deepen the reforms started four years ago and will contribute to a healthy majority win by the Democratic Party in the upcoming elections. The EDU presidency discussed Albanian election in a recent meeting in Salonika. Albania was admitted to EDU in its Paris meeting last March in an apparent show of support from the West for Albania's ruling Democratic Party. (Albanian Times)

    [06] More than $40 Million in Public Investment

    TIRANA, May 8 - Public investments in Albania last year amounted to $41,6 million, the Institute of Statistics in Tirana said. Priority was given to improvements in the telecommunications systems seen as a major factor to attract foreign investments. Along with new telephone switchboards in the major Albanian cities, a GSM cellular phone system is being introduced, first in Tirana and gradually in the other districts. Improvements in infrastucture are expected to be an investment priority in 1996 too focusing on the rehabilitation of roads, ports, bridges, railroads and energy distribution system. (Albanian Times)

    This material was reprinted with permission of AlbAmerica Trade & Consulting International. For more information on ATCI and the Albanian Times, please write to

    Copyright © ATCI, 1996

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