Albania is located in Southern Europe, a European Union candidate country, a member of NATO and a stable parliamentary democracy. In addition to being a member of the European community, Albania also has close relations with the United States and Canada.
Albania has a population of approximately three million people, has 400 km of coastline and is located 72 kilometers across the Strait of Otranto from Italy. It shares boundary with Greece in the south.
Albania is rich in natural resources with a long history of mining and oil and gas production. Oil was first discovered by an Italian company and production began in the mid-30s. The country has twelve known oil deposits and five natural gas deposits. Albania hosts the largest oil-bearing zone in continental Europe, Patos-Marinëz, estimated to contain 5.4 billion barrels of crude oil. Albania used to produce up to 75,000 barrels/day crude oil (1983) but declined markedly after 1990. From 2005 production increased to 15,000-20,000 barrels/day primarily from Bankers Petroleum production.
Commercial copper production was started in Albania by Italian mining companies in the mid-30s. Current government estimate puts copper reserves* at over 50 million metric tons averaging 1.52% copper in several deposits across Albania. Total past copper production reached over 1.2 million metric tons/year processed in seven processing plants (mills) and two smelters. Albania used to have a copper refinery plant and a cable production plant.
Albania is also endowed with chromite, an ore of chromium. Prior to 1990 it was the world’s third-largest producer. In addition to chromite, Albania also produced nickel in the past. The metal was produced from iron-nickel laterite deposits and processed in several plants in Albania.
(* Not compliant with NI 43-101 requirements)