Euromax deal with Aurubis opened the doors of German financial market for mining project financing for Euromax. Euromax Resources Canadian mining company listed in Toronto stock exchange reported that it has entered into a term sheet for the offtake of its copper-gold concentrate production from its Ilovica mine in Macedonia with Aurubis AG, Hamburg, Germany. The Company was advised on the offtake term sheet by Cliveden Trading AG.
Euromax Resources signed an offtake agreement with Aurubis, the largest German copper refinery. As per the agreement, Euromax plans to ship the copper-gold concentrate from its Ilovitza project in Macedonia to Aurubis’ Pirdop smelter in Bulgaria. This is a win-win situation as Aurubis gets its hands on additional smelter feed, whilst Euromax could now be in a position to benefit from a German capex loan guarantee scheme, facilitating the financing negotiations.
Christophe Koenig, Senior Vice-President Supply Chain Management, Aurubis commented earlier “We are very pleased to have Euromax Resources with its promising Ilovica project as a significant future supplier of copper concentrates to Aurubis and thus, we look forward to a long term and mutually beneficial relationship.”
Euromax alrady reported on the received eligibility status with UFK, (Garantien für Ungebundene Finanzkredite) Untied Loan Guarantees of the Federal Republic of Germany for the project financing.Entrance of Aurubis already paid off to Euromax with this UFK enrollment. In the same time Aurubis get a long term client for its Bulgaria smelter from neighboring Macedonia on a cost benefit transport.
EBRD already supports the Euromax activities in Macedonia.