Euromax Resources Ltd, has received a notification from the Ministry of Economy of the Republic of North Macedonia that the State Commission for Acting Upon Administrative and Employment proceedings in the Second Instance has rejected the Company’s appeal against the Ministry of Economy’s Rejection Resolution, as outlined in the Company’s press release dated 12th July 2019. The notification concerns the Company’s Ilovica 6 concession and the Ilovica 11 concession remains unaffected.
The notification allows for the Company to appeal the State Commission’s decision within 30 days via the Administrative Court of North Macedonia. Based on a strong legal case the Company intends to submit an appeal. Other legal avenues, including International Arbitration, remain open and these will be persued as appropriate.
Euromax Resources looks forward to resolving the situation with all relevant Government Institutions in accordance with the Minerals and Administrative Laws of North Macedonia.
