A German miner has revealed plans to turn a mine into a silver mine, which it said would boost its mining profits. 

The Gold Group has plans to develop a mine at the remote Hungarian town of Moloch near Tatra in Tunisia. 

Gold is a producer of precious metals and mining in the region is the company’s second biggest employer. 

In January, the mine’s owners told local media that they had signed a deal to buy Molloch silver for a price of £50m ($80m) from a Chinese company. 

“This is an opportunity to turn this mine into an industrial facility,” said Gold Group Chairman, Karl Schmitt, in a statement. 

According to a local newspaper, the plan includes a new production facility, a refinery and a copper mine. 

A spokesman for Moltunas government said that the mining company was “confident of success” in the project. 

This story has been updated to reflect that Mochtach is located in Hungary.