Accessibility Statement Skip Navigation
  • Resources
  • Blog
  • Journalists
  • +44 (0)20 7454 5110
  • Client Login
  • Send a Release
Return to PR Newswire homepage
  • News
  • Products
  • Contact
When typing in this field, a list of search results will appear and be automatically updated as you type.

Searching for your content...

No results found. Please change your search terms and try again.
  • News in Focus
      • Browse News Releases

      • All Public Company News
      • All Multimedia News
      • View All News Releases

      • Regulatory News

      • D/A/CH Regulatory News
      • UK Regulatory News
      • View All Regulatory News

  • Business & Money
      • Auto & Transportation

      • Aerospace & Defense
      • Air Freight
      • Airlines & Aviation
      • Automotive
      • Maritime & Shipbuilding
      • Railroads & Intermodal Transportation
      • Supply Chain/Logistics
      • Transportation, Trucking & Railroad
      • Travel
      • Trucking & Road Transportation
      • View All Auto & Transportation

      • Business Technology

      • Blockchain
      • Broadcast Tech
      • Computer & Electronics
      • Computer Hardware
      • Computer Software
      • Data Analytics
      • Electronic Commerce
      • Electronic Components
      • Electronic Design Automation
      • Financial Technology
      • High Tech Security
      • Internet Technology
      • Nanotechnology
      • Networks
      • Peripherals
      • Semiconductors
      • View All Business Technology

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Financial Services & Investing

      • Accounting News & Issues
      • Acquisitions, Mergers & Takeovers
      • Banking & Financial Services
      • Bankruptcy
      • Bond & Stock Ratings
      • Conference Call Announcements
      • Contracts
      • Cryptocurrency
      • Dividends
      • Earnings
      • Earnings Forecasts & Projections
      • Financing Agreements
      • Insurance
      • Investments Opinions
      • Joint Ventures
      • Mutual Funds
      • Private Placement
      • Real Estate
      • Restructuring & Recapitalisation
      • Sales Reports
      • Shareholder Activism
      • Shareholder Meetings
      • Stock Offering
      • Stock Split
      • Venture Capital
      • View All Financial Services & Investing

      • General Business

      • Awards
      • Commercial Real Estate
      • Corporate Expansion
      • Earnings
      • Environmental, Social and Governance (ESG)
      • Human Resource & Workforce Management
      • Licensing
      • New Products & Services
      • Obituaries
      • Outsourcing Businesses
      • Overseas Real Estate (non-US)
      • Personnel Announcements
      • Real Estate Transactions
      • Residential Real Estate
      • Small Business Services
      • Socially Responsible Investing
      • Surveys, Polls & Research
      • Trade Show News
      • View All General Business

  • Science & Tech
      • Consumer Technology

      • Artificial Intelligence
      • Blockchain
      • Cloud Computing/Internet of Things
      • Computer Electronics
      • Computer Hardware
      • Computer Software
      • Consumer Electronics
      • Cryptocurrency
      • Data Analytics
      • Electronic Commerce
      • Electronic Gaming
      • Financial Technology
      • Mobile Entertainment
      • Multimedia & Internet
      • Peripherals
      • Social Media
      • STEM (Science, Tech, Engineering, Math)
      • Supply Chain/Logistics
      • Wireless Communications
      • View All Consumer Technology

      • Energy & Natural Resources

      • Alternative Energies
      • Chemical
      • Electrical Utilities
      • Gas
      • General Manufacturing
      • Mining
      • Mining & Metals
      • Oil & Energy
      • Oil & Gas Discoveries
      • Utilities
      • Water Utilities
      • View All Energy & Natural Resources

      • Environ­ment

      • Conservation & Recycling
      • Environmental Issues
      • Environmental Policy
      • Environmental Products & Services
      • Green Technology
      • Natural Disasters
      • View All Environ­ment

      • Heavy Industry & Manufacturing

      • Aerospace & Defence
      • Agriculture
      • Chemical
      • Construction & Building
      • General Manufacturing
      • HVAC (Heating, Ventilation & Air-Conditioning)
      • Machinery
      • Machine Tools, Metalworking & Metallurgy
      • Mining
      • Mining & Metals
      • Paper, Forest Products & Containers
      • Precious Metals
      • Textiles
      • Tobacco
      • View All Heavy Industry & Manufacturing

      • Telecomm­unications

      • Carriers & Services
      • Mobile Entertainment
      • Networks
      • Peripherals
      • Telecommunications Equipment
      • Telecommunications Industry
      • VoIP (Voice over Internet Protocol)
      • Wireless Communications
      • View All Telecomm­unications

  • Lifestyle & Health
      • Consumer Products & Retail

      • Animals & Pets
      • Beers, Wines & Spirits
      • Beverages
      • Bridal Services
      • Cannabis
      • Cosmetics & Personal Care
      • Fashion
      • Food & Beverages
      • Furniture & Furnishings
      • Home Improvement
      • Household, Consumer & Cosmetics
      • Household Products
      • Jewellery
      • Non-Alcoholic Beverages
      • Office Products
      • Organic Food
      • Product Recalls
      • Restaurants
      • Retail
      • Supermarkets
      • Toys
      • View All Consumer Products & Retail

      • Entertain­ment & Media

      • Advertising
      • Art
      • Books
      • Entertainment
      • Film & Motion Picture
      • Magazines
      • Music
      • Publishing & Information Services
      • Radio & Podcast
      • Television
      • View All Entertain­ment & Media

      • Health

      • Biometrics
      • Biotechnology
      • Clinical Trials & Medical Discoveries
      • Dentistry
      • FDA Approval
      • Fitness/Wellness
      • Health Care & Hospitals
      • Health Insurance
      • Infection Control
      • International Medical Approval
      • Medical Equipment
      • Medical Pharmaceuticals
      • Mental Health
      • Pharmaceuticals
      • Supplementary Medicine
      • View All Health

      • Sports

      • General Sports
      • Outdoors, Camping & Hiking
      • Sporting Events
      • Sports Equipment & Accessories
      • View All Sports

      • Travel

      • Amusement Parks & Tourist Attractions
      • Gambling & Casinos
      • Hotels & Resorts
      • Leisure & Tourism
      • Outdoors, Camping & Hiking
      • Passenger Aviation
      • Travel Industry
      • View All Travel

  • Policy & Public Interest
      • Policy & Public Interest

      • Animal Welfare
      • Corporate Social Responsibility
      • Economic News, Trends & Analysis
      • Education
      • Environmental
      • European Government
      • Labour & Union
      • Natural Disasters
      • Not For Profit
      • Public Safety
      • View All Policy & Public Interest

  • People & Culture
      • People & Culture

      • Aboriginal, First Nations & Native American
      • African American
      • Asian American
      • Children
      • Diversity, Equity & Inclusion
      • Hispanic
      • Lesbian, Gay & Bisexual
      • Men's Interest
      • People with Disabilities
      • Religion
      • Senior Citizens
      • Veterans
      • Women
      • View All People & Culture

  • Overview
  • Distribution
  • Paid Placement
  • Multichannel Amplification
  • Disclosure Services
  • SocialBoost
  • Rooms
    • MediaRoom
    • ESG Rooms
  • AI Tools
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Hamburger menu
  • Cision PR Newswire UK provides press release distribution, targeting, monitoring, and marketing services
  • Send a Release
    • Phone

    • +44 (0)20 7454 5110 from 8 AM - 5:30 PM GMT

    • ALL CONTACT INFO
    • Contact Us

      +44 (0)20 7454 5110
      from 8 AM - 5:30 PM GMT

  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • News in Focus
    • Browse News Releases
    • Regulatory News
  • Business & Money
    • Auto & Transportation
    • Business Technology
    • Entertain­ment & Media
    • Financial Services & Investing
    • General Business
  • Science & Tech
    • Consumer Technology
    • Energy & Natural Resources
    • Environ­ment
    • Heavy Industry & Manufacturing
    • Telecomm­unications
  • Lifestyle & Health
    • Consumer Products & Retail
    • Entertain­ment & Media
    • Health
    • Sports
    • Travel
  • Policy & Public Interest
    • Policy & Public Interest
  • People & Culture
    • People & Culture
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • Overview
  • Distribution
  • Paid Placement
  • Multichannel Amplification
  • Disclosure Services
  • Cision Communications Cloud®
  • AI Tools
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists
  • General Enquiries
  • Media Enquiries
  • Partnerships
  • Client Login
  • Send a Release
  • Resources
  • Blog
  • Journalists

Solway Investment Group Offers Euromax Resources Ltd. and the Ilovica-Shtuka Project a Better Path Forward


News provided by

Solway Investment Group GmbH

25 Apr, 2019, 16:00 GMT

Share this article

Share toX

Share this article

Share toX

ZUG, Switzerland, April 25, 2019 /PRNewswire/ -- Solway Investment Group GmbH (Solway) today announced that it has delivered a proposal to Euromax Resources Ltd. (TSX: EOX) (Euromax), which will address Euromax's long-term financing and development requirements (the Solway Proposal) and provides feasible solution to the environmental and social issues the project has faced with. 

Combining the Buchim Project and Ilovica-Shtuka Project under a single joint venture as contemplated by Solway Proposal is a unique value creation opportunity and may be the only viable near-term opportunity to get the Ilovica-Shtuka Project approved by the North Macedonian government and supported by the hosting communities and environmental groups. One of the main problems with the current Ilovica-Shtuka Project design is the close proximity to the Ilovica communities, resulting in concerns with the Ilovica-Shtuka Project's potential environmental impact. By combining the Buchim and Ilovica-Shtuka Projects under the same joint venture, tailings from the Ilovica-Shtuka Project could be stored at Buchim Project's tailings storage facilities and processing facilities could be built on the existing Buchim Project plant site, thereby reducing the environmental footprint of the Ilovica-Shtuka Project dramatically. Conversely, it is unclear how the Private Placement Transaction advances the development of the Ilovica-Shtuka Project. Any design options (including paste tailings) providing for tailings storage in the proximity of the local villages will face fierce opposition and strong resistance from local communities and result in a material increase of capital and operating costs. 

The Solway Proposal is a superior alternative to the private placement announced on March 22, 2019 (the Private Placement Transaction), which does not address the primary environmental concerns of local communities, offers no clear road map for getting the Ilovica-Shtuka Project permitted, and leaves its financial partners facing continued uncertainty regarding the prospects of their investments. The Private Placement Transaction is subject to the approval of the North Macedonian Commission for Competition, which Euromax's news release indicates is expected no later than June 30, 2019.  Solway believes it is highly unlikely that the approval will be obtained in this time frame. Solway has therefore decided to present Euromax with the Solway Proposal so that Euromax has a superior alternative to the Private Placement Transaction in the event that the approval of the North Macedonian Commission for Competition is not obtained within the time frame provided under the Private Placement Transaction.

Under the Solway Proposal  Solway and Euromax would form a joint venture comprising Solway's Buchim Project and Euromax's Ilovica-Shtuka Project, with ownership of the joint venture being held 75% Solway and 25% Euromax. Solway would sole-fund a new definitive feasibility study for the Ilovica-Shtuka Project and other activities of the joint venture until the Ilovica-Shtuka Project receives an exploitation permit (subject to a 5 year outside date). 

Solway believes that by optimizing some of the over-engineered solutions, reducing certain EPCM services, achieving significant savings by avoiding the need for a tailings storage facility (as elaborated on above), and sharing existing plant infrastructure with Solway's Buchim Project (existing 4.5Mt pa processing plant, existing and construction ready infrastructure for another 10Mt pa concentrator, old open pits capable of being converted into tailing storage facilities with total capacity of over 200Mt and a seasoned management team of mining and engineering experts), the Ilovica-Shtuka mine can be built with US$300,000,000 to US$350,000,000 of investment instead of US$500,000,000. 

Solway would also advance a US$2,000,000 convertible bridge loan to Euromax to enable Euromax to properly evaluate the Solway Proposal, convertible on closing of the Solway Proposal into 26,000,000 units of Euromax consisting of 1 common share and 1 common share purchase warrant (implies CAD$0.10 per unit versus CAD$0.0625 or approximately 60% premium to the unit pricing set out in the Private Placement Transaction) with each warrant being exercisable at CAD$0.20 (versus CAD$0.15 under the Private Placement Transaction) for a period of 2 years after closing of the Solway Proposal. Solway is ready to advance the bridge loan to Euromax without any additional conditions or due-diligence.

Solway looks forward to meeting with Euromax, its creditors and other stakeholders in the coming days to discuss how the Solway Proposal offers a better path forward for all interested parties. 

Dan Bronstein, Chief Executive Officer of Solway, stated:

"The Solway Group has a track record of successfully and quickly launching mining projects in North Macedonia since 2005. We are convinced that by exploiting the unique synergies of the Buchim and Ilovica-Shtuka Projects will allow to launch a new mine swiftly, in strict accordance with international safety and sustainability standards and in full compliance with the expectations of the local communities and the Government of Macedonia. We look forward to partnering with the shareholders of Euromax in another Macedonian mining success story."

About Solway Investment Group GmbH

Solway Investment Group GmbH is a private mining and metals group headquartered in Switzerland with global operations. Solway is a well-established and respected investor in Macedonia, with a successful track record in the metals and mining sector in the country since 2005 (e.g. SASA Zinc and Lead Mine, and the Buchim Copper and Gold Mine). The Buchim mine is the leading mining project and the only operating copper and gold mine in Macedonia, situated approximately 40km to the north-west of Ilovica-Shtuka Project. The Buchim mine has been operated by several state and privately owned companies since 1979 and by Solway since 2005. Under Solway's leadership, its mines have become one of the largest employers and tax-payers in the country. 

Website: https://solwaygroup.com/

Related Links

https://solwaygroup.com

Modal title

Contact PR Newswire

  • +44 (0)20 7454 5110
    from 8 AM - 5:30 PM GMT
  • General Enquiries
  • Media Enquiries
  • Partnerships

Products

  • Content Distribution
  • Multimedia Services
  • Disclosure Services
  • Cision Communications Cloud®

About

  • About PR Newswire
  • About Cision
  • Partnering Opportunities
  • Careers
  • Accessibility Statement
  • APAC
  • APAC - Simplified Chinese
  • APAC - Traditional Chinese
  • Brazil
  • Canada
  • Czech
  • Denmark
  • Finland
  • France
  • Germany
  • India
  • Indonesia
  • Israel
  • Japan
  • Korea
  • Mexico
  • Middle East
  • Middle East - Arabic
  • Netherlands
  • Norway
  • Poland
  • Portugal
  • Russia
  • Slovakia
  • Spain
  • Sweden
  • United States
  • Vietnam

My Services

  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
  • Data Privacy

Do not sell or share my personal information:

  • Submit via Privacy@cision.com 
  • Call Privacy toll-free: 877-297-8921

Contact PR Newswire

Products

About

My Services
  • All News Releases
  • Customer Portal
  • Resources
  • Blog
  • Journalists
+44 (0)20 7454 5110
from 8 AM - 5:30 PM GMT
  • Terms of Use
  • Privacy Policy
  • Information Security Policy
  • Site Map
  • RSS
  • Cookie Settings
Copyright © 2025 PR Newswire Europe Limited. All Rights Reserved. A Cision company.