Ilovica-Shtuka is a large project (ultimately it will account for 1-2% of Macedonian GDP) in a poor area of Europe with high unemployment. Now that parliamentary elections are completed, the stage is set for Euromax Resources Ltd (TO:EOX) to raise equity and for the government to grant final construction permits early in CY17.
Macedonian elections and permitting expectations
Macedonia held elections on 11 December, in which the incumbent coalition was returned with a majority of one out of a total of 120 parliamentary seats. While the election had been seen as a delaying factor for construction permits, the eventual granting of the permits was never perceived to be in doubt, given that both main parties in the election had voiced their support for the project. Nevertheless, the continuity afforded by the incumbent government’s victory should be helpful in expediting the process and Euromax now expects final construction permits to be granted early in 2017.
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