Solway Investment Group Announces Its Full Year 2019 Financial Results

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ZUG, Switzerland, July 15, 2020 /PRNewswire/ -- In a volatile environment for commodities markets, Solway Group continues to concentrate its efforts on developing and optimizing the effectiveness of the group's business structure. Solway is primarily focused on reducing its cost of nickel production and stabilizing production volumes across its existing capacities.

Pronico and CGN, Guatemala

2019 was a landmark year for Solway's Guatemalan assets. For the first time since the projects were acquired by Solway, Pronico reached its planned production capacity to deliver a record 20,323 metric tons of nickel in ferronickel. Pronico became one of the largest nickel producers in Central America, a region which accounts for 12 percent of global annual nickel production.

Pobuzhsky Ferronickel Plant (PFP), Ukraine 

In 2019, PFP processed 1.35 million metric tons of wet ore into 14.2 thousand tons of nickel in ferronickel.

Kurilgeo Project, Russia 

In 2019, Kurilgeo produced 35.57 koz. of gold, and 134.70 koz. of silver. 2019 ore production reached 690,000 tons. Mining of rock mass totaled 2.95 million tons.

Bucim Copper Mine, North Macedonia 

In 2019, Bucim produced 31,226 tons of dry copper concentrate, containing 6,512 tons of copper, 19.07 koz. of gold, and 30.13 koz. of silver, and produced 719 tons of cathode copper of 99.99% quality.

In order to secure operational efficiency and extend the life of the company's mining resources through at least 2030, Bucim DOO Radovish began to develop its new Borov Dol project in 2019.

Nickel DSO (Direct Shipment Operations), Indonesia

In 2019, in accordance with an export permit obtained in 2018, Solway Group continued DSO operations and construction work on a nickel processing facility in Morowali in line with the Indonesian government's policy on nickel exports.

The Aquila Projects (Morowali & Halmahera), Indonesia

In 2019, Solway Group continued to maintain and perform works on all of its required permits for all of its nickel assets in the country, including maintenance of an operating license for a world-class nickel-cobalt deposit in Indonesia for the next 20-40 years.

Papua New Guinea

Solway Group successfully maintained all of its licenses in PNG in 2019. The Group conducted further reconnaissance exploration works and identified potential industrial-level deposits of laterite nickel and chromite. The group plans to undertake further detailed exploration of its existing assets in PNG in 2020, with a focus on confirming industrial-level resources of nickel laterite ore in the country. All of the exploration programs undertaken in PNG have the full support of the local communities.

Environmental protection, occupational health and safety: CSR in 2019 

Solway Investment Group is committed to the highest standards of health and safety, environment protection and sustainability. To embrace integrity, transparency, and cooperation, the Group has implemented internationally recognized standards for environmental and social performance: the Equator Principles; IFC Performance Standards; ISOs 14001, 9001, and 4500, and the Voluntary Principles on Security and Human Rights. The integrity of our implementation was assessed by independent consultancies including Golder Associates, ERM, and others. The Group is also currently studying methods and mechanisms for implementing the United Nations' Sustainable Development Goals (SDG) and Global Reporting Initiative (GRI).

Our primary responsibility is to promote and protect the health, safety, and well-being of all of our employees, contract personnel, and the residents of our local communities. We have a strong focus on local community relations. To that end, Solway is engaged in a continuous stakeholder dialogue with governments, public and regulatory agencies, employees, local communities, and customers. In order to bring its stakeholder interactions to a higher level, and ensure effective and coherent stakeholder engagement at the national as well as the international level, Solway Investment Group has begun working with external experts in 2019 on the development of specific tools based on an international best-practices approach.

For more information please see https://solwaygroup.com/2020/07/13/solway-investment-group-announces-its-full-year-2019-financial-results/

In case of further questions or interview requests, please contact Solway Investment Group's press office at: +41-41-740-04-00 or [email protected].

SOURCE Solway Investment Group