SKOPJE, Macedonia, January 22, 2015 /PRNewswire/ --
International investor Solway Investment Group reports on its investments in Macedonian assets.
In line with Solway Investment Group's mission to improve the quality of life in the regions of its operation - through creating safer workplaces, implementing social and educational infrastructure and taking care of the environment - the Group has announced its commitment to continue to financially support the balance of the economic and social needs in the countries where the Group's assets are located.
Owned by Solway Investment Group, SASA and Buchim are two of the major mines in Macedonia with total revenue of €122 million. The mines are the biggest employees in their regions and continue to fulfill their social and environmental safety duties, despite the current European economy's downturn.
In recent years, both SASA and Buchim have continually evolved to make a major contribution to the economy of Macedonia, improving the standard of living for the citizens employed by these enterprises. Both enterprises invest, on average, over €250,000 per annum into the citizens' wellbeing and development of the social infrastructure of the neighboring towns. In 2014 SASA returned a total of €13,6 mln in taxes while in 2013 this amount exceeded € 20 mln.
Since 2005, Solway Investment Group has invested over €60 million into SASA and €32.6 million into Buchim respectively. The investment has enabled the modernization and development of the enterprises, including the installment of automated processing operations, flotation circle upgrades, the construction of a new tailings dump and reagents workshop, ire-cultivation of an old tailing dump and introduction of a close water consumption cycle.
In 2014 Solway Investment Group completed the €18 million investment cycle to prepare SASA's facilities and equipment for development of a new site. Currently, SASA is awaiting issue of the new concession by the Macedonian government. The new site is expected to create employment for around 50 local citizens, further contributing to the development of the neighboring region.
Solway Investment Group's further capital expenditures in Macedonian assets for 2015 are estimated at €12.8 million (€10.9 million in SASA and €1.9 million in Buchim).
Notes for Editors
Solway Investment Group
Solway Investment Group is a Cyprus-based international industrial group with 100% EU capital and operational offices in Luxembourg, Switzerland and Estonia. The Group is comprised of a number of core investments and operations focused primarily on the metals and mining sector - particularly nickel mining and production. Solway also manages its own direct investment fund with main interests in commercial real estate and information technologies. The Group conducts operations in Macedonia, Ukraine, Indonesia and Guatemala.
The Group's assets are currently estimated at $1.6 billion. Current turnover is estimated at $408 millon, 65% of which is generated by the nickel mining and production.
For further information and interview requests, please contact Solway Investment Group's press office: [email protected] .
SOURCE Solway Investment Group