SKOPJE, Macedonia, January 22, 2015 /PRNewswire/ --
International investor Solway Investment Group reports on its
investments in Macedonian assets.
In line with Solway Investment Group's mission to improve the
quality of life in the regions of its operation - through creating
safer workplaces, implementing social and educational
infrastructure and taking care of the environment - the Group has
announced its commitment to continue to financially support the
balance of the economic and social needs in the countries where the
Group's assets are located.
Owned by Solway Investment Group, SASA and Buchim are two of the
major mines in Macedonia with
total revenue of €122 million. The mines are the biggest employees
in their regions and continue to fulfill their social and
environmental safety duties, despite the current European economy's
downturn.
In recent years, both SASA and Buchim have continually evolved
to make a major contribution to the economy of Macedonia, improving the standard of living
for the citizens employed by these enterprises. Both enterprises
invest, on average, over €250,000 per annum into the citizens'
wellbeing and development of the social infrastructure of the
neighboring towns. In 2014 SASA returned a total of €13,6 mln in
taxes while in 2013 this amount exceeded € 20 mln.
Since 2005, Solway Investment Group has invested over €60
million into SASA and €32.6 million into Buchim respectively.
The investment has enabled the modernization and development
of the enterprises, including the installment of automated
processing operations, flotation circle upgrades, the construction
of a new tailings dump and reagents workshop, ire-cultivation of an
old tailing dump and introduction of a close water consumption
cycle.
In 2014 Solway Investment Group completed the €18 million
investment cycle to prepare SASA's facilities and equipment for
development of a new site. Currently, SASA is awaiting issue of the
new concession by the Macedonian government. The new site is
expected to create employment for around 50 local citizens, further
contributing to the development of the neighboring region.
Solway Investment Group's further capital expenditures in
Macedonian assets for 2015 are estimated at €12.8 million (€10.9
million in SASA and €1.9 million in Buchim).
Notes for Editors
Solway Investment Group
Solway Investment Group is a Cyprus-based international industrial group
with 100% EU capital and operational offices in Luxembourg, Switzerland and Estonia. The Group is comprised of a number of
core investments and operations focused primarily on the metals and
mining sector - particularly nickel mining and production. Solway
also manages its own direct investment fund with main interests in
commercial real estate and information technologies. The Group
conducts operations in Macedonia,
Ukraine, Indonesia and Guatemala.
The Group's assets are currently estimated at $1.6 billion. Current turnover is estimated at
$408 millon, 65% of which is
generated by the nickel mining and production.
For further information and interview requests, please contact
Solway Investment Group's press office: pr-business@ukr.net .
SOURCE Solway Investment Group