Economy Minister Kreshnik Bekteshi signed a proposal to revoke the right of the Canadian Euromax Resources company to open the large Ilovica copper mine near Strumica. Bekteshi’s decision will now be sent to the Government for approval.
The move comes after a Committee set up by the Ministry rejected the appeal submitted by the mining company which was about to invest hundreds of millions of euros in a large and modern mine at the Ilovica site. The approval the company received is expected to be rescinded unilaterally by the Government.
Bekteshi acknowledged that this will expose Macedonia to a potentially very expensive lawsuit. Former Prime Minister Nikola Gruevski warned that this, and several other moves meant to placate environmentalist groups, may end up costing Macedonia 1.5 billion EUR – over 1/10 of its GDP.
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