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North Macedonia terminates concession deal with Euromax for copper-gold project

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North Macedonia’s government said on December 17 it has terminated the concession agreement with Canada-based Euromax Resources for the exploitation of gold and copper at the Ilovica site


In July this year the government rejected the request from Euromax Resources for a permit for the Ilovica-Shtuka copper-gold project in the country’s south following protests by environmental groups. The decision was taken after dozens of environmental activities launched protests at the site, warning that the project will be harmful for the region.

“The concession agreement for the copper and gold exploitation at Ilovica was unilaterally terminated as the concessionaire did not submit an application with all the necessary documentation for issuing a permit within four years after the conclusion of the contract,” the government explained.

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The concession agreement was signed in 2014 and the annex of the agreement in 2015.

Exploration and mining company Euromax Resources planned a total investment in the Ilovica-Shtuka project of €340mn and so far €40mn has been invested.

Euromax said in November it planned to appeal the decision to refuse to issue a permit via North Macedonia’s institutions.

Source: intellinews.com

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