About Ilovica-Shtuka Project



Ilovica-Shtuka, in the mining-friendly jurisdiction of Macedonia, South Eastern Europe, is a large-scale gold-copper porphyry deposit with simple metallurgy. The project, wholly owned by Euromax, has a 30-year Exploitation Concession. Ilovica lies 20km from Strumica with all of the excellent local infrastructure and logistics that one would expect of a European location, including: grid power; an extensive paved road network; and raillinks to Thessaloniki or to smelters in Bulgaria, as well as a skilled and immediately available local workforce.

Following the completion of an extensive in-fill drill programme and resource upgrade, a maiden mineral reserve and Pre-Feasibility Study have been announced, while in January 2016 the Company announced the Definitive Feasibility Study (“DFS”) results. The DFS supports the economic robustness of the Project previously indicated by the Pre-Feasibility Study and, through the optimization of the processing flow sheet and a more precise level of costing, demonstrates significant reductions in both capex and operating costs, and a consequential increase in the IRR.

Mining is planned via conventional open pit methods using large scale mining fleet that enables bulk-mining at a rate of 10 Mtpa.

Ore will be milled by SAG and Ball mills and then processed using conventional flotation to produce a copper concentrate that will be transported to a smelter in Bulgaria.

The initial capital spend for a 10 million tonnes per annum project is estimated at US$343 million and over a 20 year mine life. 

In april 2016, a draft Environmental Impact Assessment (“EIA”) was submitted to the Ministry of Environment and Physical Planning for approval. The EIA is an assessment of the potential environmental and social impacts of the Ilovica-Shtuka Project and it is based on the Ilovica-Shtuka Project Feasibility Study project design and detailed environmental and social surveys and baseline studies. It meets all Macedonian national regulations and is part of the application package required by the Macedonian authorities for the issuance of a full Exploitation Permit for the Ilovica-Shtuka Project.

Location » Macedonia, mining friendly state and community » Excellent logistics – Road, rail, grid power, water, skilled labour » No other examples of modern development
Deposit type » Copper gold porphyry
Resources & Reserves » Measured & Indicated Resource of 256.8 Mt @ 0.32 g/t Au and 0.21% Cu containing 2.6 Moz Au and 1.2 Bn lb Cu
(See news release of 6th January, 2016 for further information)
Development stage » Resource definition and geotechnical drilling completed » PFS completed » Mineral Resource upgraded to M&I » Maiden Mineral Reserve announced » Environmental and social baseline work completed » DFS Completed
Permitting » Exploitation concession granted
» EIA Submitted
» Excellent relations with national ministries and local municipal representatives
Mining » Bulk tonnage open pit
Processing » Simple single line flotation to clean Cu concentrate
Technical Report


» Ilovica-Shtuka Feasibility Study Technical Report
» Ilovica-Shtuka Pre-Feasibility Study Technical Report
» Environmental Impact Assessment
» EIA Non-Technical Summary

Proposed Site Layout

Layout drawings

stay updated

Enter your email address for updates