Euromax Canada mining investor claim Macedonia Ilovica mine rich with 70t of gold

The work life of the mine “Ilovica” near Strumica, will last for 23 years, and it will annually produce 2.7 tons of gold and 16,000 tons of copper. The feasibility study for the project “Ilovica”shows that, which did a Canadian investment fund Euromax.

The study confirmed the economic potential of this project, since the total estimated ore reserves amount to 225 million tons with gold content of 69.5 tons and copper of 441,000 tons.

Canadian concessionaire, Euromax, plans to begin construction of the mine in 2016th while the production will start next year, in 2017th. From the site will be excavated 10 million tons of oreannually.

President and executive manager of Euromax, Steve Sharp, said during the study presentation that the mine opening was of great importance for Macedonia, and that the project would strengthen the economic profile of the country.
According to the announcement, the project should employ up to 400 people, and the investment is expected to reach approximately 500 million dollars.