Canada’s Euromax Resources, known for its Ilovica copper mine project in North Macedonia, is embroiled in a legal dispute following the Administrative Court’s dismissal of its appeal against the government’s decision to revoke permission for merging two concessions.
Despite previous approvals from the Ministry of Economy and favorable court rulings, the government reversed its decision on the merger of the Ilovica 6 and Ilovica 11 concessions, prompting Euromax to pursue international arbitration.
The company remains resolute in seeking legal redress and plans to appeal the court’s decision to the Higher Administrative Court. Euromax argues that the government’s rationale for withdrawing the merger approval lacks legal basis, alleging contradictions with established frameworks and imposition of arbitrary timelines.
In response to this setback, Euromax has initiated a dispute under the Swiss-Macedonian bilateral investment treaty, aiming to seek damages for what it perceives as mistreatment by state entities. While international arbitration was not initially preferred, it is now seen as necessary to address grievances and safeguard its investment.
Tim Morgan-Wynne, Executive Chairman of Euromax Resources, expressed disappointment with the court’s ruling, highlighting a pattern of judicial oversight and governmental neglect of legal norms. He emphasized the economic significance of the dispute amidst escalating copper and gold prices and reiterated the company’s commitment to defending its rights through legal means.
“We are deeply dismayed by the Administrative Court’s decision, which once again underscores a disregard for applicable laws and an undue deference to the Higher Administrative Court. This recurring judicial oversight raises concerns, particularly when international investors’ rights are at risk,” Morgan-Wynne stated.
He added, “We cannot passively watch as our rights are infringed upon and our investments undermined. We remain steadfast in our resolve to protect our investment and uphold the rule of law, utilizing all available legal avenues to hold the Macedonian government accountable.”
