Ask the CEO
About Varshan Gokool
Varshan joined the Company in May 2012 as CFO and was appointed as President & CEO in November 2017. He has over 10 years experience in the development and financing of mining assets. » See more Board members
Frequently Asked Questions
What is the benefit for Republic of Macedonia from your investment?
We have made our London staff redundant and filled those posts with talented young Macedonians in Skopje, to whom we made a personal commitment in terms of their training, so that they become skilled in the running of Macedonian headquartered “international” company.
The current phase of research includes significant contracts with Macedonian groups including the universities in Skopje and Shtip, a surveying company, and ecological research companies. On site, our technical team has expanded this year in order to deal with the more intense work we are undertaking. All on-site employees are Macedonian.
We expect that around 400-500 employees will be needed for the operation of the mine.
The tangible benefit for the Republic of Macedonia nationally, will be a 2% rise in GDP, once the mine is in production. The vast majority (98%+) of the staff we employ when we start construction will be Macedonian – this will not only mean the direct employment of at least 400 Macedonian people locally at significantly above the average National wage, but a multiplier effect conventionally estimated at 4-5 x to the local economy in terms of ancillary businesses and services etc.
The vast majority of this employment will start once we have received our Permits and start construction and operation of the mine. At the time of construction) and during operation, the supply of steel, cement, fuel, and power will be very significant contracts and will be with Macedonian companies. As an example it is estimated that we will consume some 17 million litres of fuel per year during operation.
Will there be employment opportunities for the local population?
There will be various job opportunities at the different stages of the mine development, including construction, operation and also during mine closure. Job opportunities will be prioritized for the local population where skills are available and we will look to introduce training programmes and work with schools and colleges to develop the skills required that will also be of benefit to other industries in the region.
What would be the environmental impact of the future mine be in terms of water pollution, dust pollution, soil, air or water pollution?
Through the impact assessment process, management, and monitoring, Euromax are committed to preventing negative impacts to the local environment.
*Regarding water, the current design of the project creates a closed system on the site which prevents any water leaving the sitewithout going through a management system which includes settlement ponds and testing for water quality. Any water that exceeds limits will be kept on site and put through further treatment.
*Regarding air and land, there was concern regarding dust and other pollutants from the site becoming airborne and polluting thelocal environment (including agricultural land). We know from chemical testing that the rocks that will be extracted during mining do not contain any heavy metals or chemicals of concern that could pollute the environment. In addition, measures will be implemented to limit dust and air pollution from leaving the site, including the use of water to prevent the spread of dust.
Will there be a need to relocate the local population of Ilovica and Shtuka?
There will be no relocation of the local population. The Ilovica-Shtuka deposit is located on a hill 2 km uphill from the villages of Ilovitza and Shtuka. The majority of this land is secondary forest away and from people’s homes and farms.
How many people are there in the management team of Euromax Resources, and which are their positions in the company?
The Euromax Board of Directors is made up of 5 Non-Executive Directors and 3 Executive Directors that oversee all activities. Key London based management are Steve Sharpe (President & CEO), Varshan Gokool (Chief Financial Officer), Pat Forward (Chief Operating Officer). We have made our London staff redundant and filled those posts with talented young Macedonians in Skopje, to whom we made a personal commitment in terms of their training, so that they become skilled in the running of Macedonian headquartered “international” company.
At a local and corporate level our project is managed by Alan Baker (VP, Project & Construction Manager), Brett Ballintyne (VP Finance), Jana Nikodinovska (Vice President Legal Affairs and Corporate Secretary), Aneta Donkova-Petrushova (Head of Administration & HR), Mitko Ligovski (Senior Geologist) and Elizabeta Stoeva (Information Centre Administrator).
We also have a team of geologists and other employees working in the field and in our core shed.
What economic benefit will there be for the villages of Ilovica, Shtuka, and the municipality of Bosilovo have as a result of the work of the future mine?
The project is expected to bring in $500 million of investment into Macedonia. The Macedonian state will benefit from corporate taxes, taxes on salaries and local suppliers and from a 2% net revenue royalty. At a local level 78% of the total state royalty paid will be received directly back into the local municipalities. The community will then have this money available to improve infrastructure, services and also education.Our operations will provide the opportunity to diversify the industries in the area whilst the skills training programmes we will implement will be of benefit not only to our projects but also the regional industries such as forestry and agriculture, thus contributing to the sustainable economic wellbeing of the area. We have already made a number of local investments such as building new water wells to provide drinking water to the villages and building a fountain in Novo Selo dedicated to the prophet Baba Vanga, we organised events and preesentations in the elementary school “St. Cyril and Methodius” which helped with raising the awareness about the importance of a clean environment and efficient waste management, we supplied sports equipment at the local school in order to increase sports activities, we also provided the funds for the paving of the access paths and re-organised the grassy areas in front of the sports hall and the local school in Ilovica.
Will your company use the village road or will you build a new one only for your needs?
As part of our technical studies, we are also reviewing possible routes for the new access road to the Ilovica-Shtuka mining facilities. In line with our commitments to work toward avoiding negative environmental impacts, we are planning to construct a new access road to facilitate the needs of the project or that existing farm roads will be improved. We will not be transporting large equipment or concentrates through the village.
How is the project being developed?
The project is well advanced in terms of permitting developments. In July 2012 the Government of Macedonia granted an Exploitation Concession agreement for the project.We also have an Environmental Impact Statement (EIS) that was approved by the Ministry of Environment and Physical Planning in October 2012, which was based, in part, on a scoping study for Ilovica-Shtuka.
We also have completed the Preliminary Economic Assessment (PEA) for the project to give an early indication of the economic parameters for the project. We have recently upgraded the mineral resource for the project and completed the Pre-Feasibility Study (PFS). The results were published in June 2014 and we have published the definitive feasibility study results in January 2016.