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Commission rejects Euromax appeal on Macedonian copper-gold exploration permit

Euromax Resources Ltd. said Sept. 30 that a North Macedonian state commission rejected the company's appeal against the economy ministry's decision not to grant an exploration permit for part of the Ilovitza-Shtuka copper-gold project.

Euromax clarified that the notification concerns the company's Ilovica 6 concession, while the Ilovica 11 concession remains unaffected.

The company said it intends appeal the latest decision and that it may pursue other legal avenues, including international arbitration.

The economy ministry rejected the July 2016 exploration permit application saying Euromax had not submitted all the necessary documents.