EBRD buys 20% of “Ilovica” mine

EBRD buys 20% of “Ilovica” mine

Skopje, December 11, 2014/Independent Balkan News Agency

By Naser Pajaziti

European Bank for Reconstruction and Development (EBRD) has purchased 20% of shares of the Canadian company EurOmax Resources Ltd, which will search for gold and copper in the mine of “Ilovica” in the region of Strumica.

With the sale of these shares, this company has generated 5 million Canadian dollars and this enables a 175 million dollars loan with “Royal Gold” company.

The owners of the mine said that the money from Royal God are extremely important to deliver the entire project which amounts to half a billion USD, for the digging of gold and copper in the mine of “Ilovica”.

The first amounts of minerals from this mine will be dug in 2017 and this mine will employ more than 400 people.

Every mine has 120 tons of gold and 700 thousand tons of copper.

Mark Gustafson, head of EurOmax Resources Ltd said that this investment, the construction of the mine for the exploitation of gold and copper, will have high ecological standards. The first three years will see the preparation phase of construction and the other two will see the construction of the mine, which according to investors, it will be the biggest one in the region. /ibna/