Who is Tsolo Vutov and how did he earn his money?

Tsolo Vutov
Photo: Geotechmin

Tsolo Vutov is considered one of the richest Bulgarians. Vutov is a manager and co-owner of 50% of the Geotechmin group of companies. When evaluating a businessman’s wealth, the financial results of the companies and the share of participation in them are taken into account. No personal assets such as houses, cars, yachts, etc.

He is a professor at the University of Mining and Geology in Sofia since 2014 and an academic and a member of the Presidium of the Eurasian Academy of Mines in Kazakhstan since 2019.

How does Tsolo Vutov accumulate his wealth?

In 1976, Tsolo Vutov graduated from the Institute of Mining and Geology in Sofia. Immediately after that he started working at the Elatsite mine near Etropole. He was initially appointed as a surveyor and later became chief engineer and deputy director of the mine. In 1982 he returned to Sofia and started working at “Niprouda”. This is a research and design institute.

After 1989 he left “Niproruda” and founded Geotechmin together with professors Dimitar Subashki and Velichko Stoyanov. Initially, the company focused on the search for marble and limestone. In 1996, however, the three decided to enter construction. They set up their own Geotechmin office and the first four-star hotel in Bansko, as well as a new bridge over the Glazne River (Blagoevgrad District).

Between 1995 and 2000 the geological exploration and drilling activities of the group of companies started. The Helix Company is founded, the subject of which is mining and geological exploration. In the period 1996-1999, the Benkovski-2 tailings dam was designed and constructed, which was the largest project in the mining industry at that time in the country.

In 1997, the company Geohrana was founded, specializing in security and security.

In 1999, the government of Ivan Kostov announced the privatization of the Elatsite mine and Tsolo Vutov managed to buy it with the help of the Belgian company Union Minier. The Western company credits the deal against a commitment over the next 10 years to Elatzite to provide Union Miner processing ore. In the following years, Tsolo Vutov’s company managed to repay its debts and to increase significantly the production of the Elatsite mine – from 23 million tons of mine annually to 58 million tons in 2008.

Construction activity

Geotechmin which includes 22 companies is also developing serious construction activities. Companies with the participation of Tsolo Vutov have participated in the construction of: the new runway at Sofia Airport, treatment plants, landfills, three metro stations, as well as sections of the Struma highway, writes Trud. Geotechmin is among the first private subway builders. He was selected as a subcontractor by the Japanese company Taisei Corporation. So Geotechmin builds a Vasil Levski metro station and a connecting tunnel.

Geotechmin has partnered with another Japanese company, Mitsubishi Materials Techno Corporation. The two companies sign several agreements for environmental projects.

Companies of Tsolo Vutov are also involved in the construction of hydroelectric power plants in the Iskar Gorge, the wind power park near Kamen Bryag and Shabla, at the treatment plants of TPP Maritsa East 3.

The company Patstroy 92 participates in the rehabilitation of the section from the Sofia ring road to the village of Kovachevci, as well as in the construction of a Regional landfill for non-hazardous waste of the municipalities of Botevgrad, Etropole and Pravets.

Through “Elacite Med”, Vutov privatized municipal road maintenance companies in several cities in the country. These include the Sofia-based Road Maintenance Company, Roads and Facilities Sofia and Street Lighting. It is also the owner of the companies that maintain the infrastructure in Lom and Berkovitsa.

Two years ago, the name of Tsolo Vutov made a name for itself again after a video was published showing his son Vladimir spraying champagne for 40,000 euros under the sounds of Shushan’s haggard.

Accident at the Benkovski-2 tailings pond

These days there was talk of Geotechmin again and the Benkovski tailing dam 2. As Iskra.bg informed you the occasion was the pollution of the Topolnitsa River. The Ministry of Environment and Waters confirmed that the source of the water pollution is the tailings pond and the cause was an accident. As a result of it there was a drainage of water in the Topolnitsa River.

Upon arrival of the teams of inspectors, the accident was already eliminated. Samples from four points were taken – the village of Poibrene, the bridge near the village of Petrich, the river Topolnitsa at the point of drainage and the village of Chavdar. The results are expected to be announced.

Translation: Diana Todorova

Известие от
Inline Feedbacks
View all comments