Turkey's Kurum Holding has been chosen as concessionaire of the iron mine Tajmiste in western Macedonia. The company's offer in amount of 123 million denars was the highest one amongst the six offers submitted at a public call by the Ministry of Economy.

"According to initial talks with representatives of the Turkish company and its plan, the investment in the first three to four years is planned to amount to 100 million euros and to open 500 new jobs," Economy Minister Valon Saraqini told a press conference on Thursday.

Two Turkish companies, Norwegian and Greek firms and two local ones applied at the public call of the Ministry of Economy for selection of a concessionaire to exploit iron ore. The main condition to acquire the concession was to offer the highest price and the companies were required as a precondition to file a bank guarantee regarding the construction of an iron processing plant.

Saraqini said that the concession agreement between the Ministry of Economy and Kurum Holding would be signed in coming weeks, when the concession would be formally awarded.

"The agreement will stipulate an iron processing plant to be built in three years' time. If the investors fails to complete the facility in a period of three years, then the bank guarantee will be activated. The company plans to create 500 jobs in the first three to four years and the number could rise according to the company if two plants are opened as planned. Nevertheless, data will be officially released following the signing of the agreement," Saraqini stated.

Tajmiste mine will be one of the biggest for exploitation of iron ore in Southeastern Europe, according to the minister. The investment will contribute to the development of the region of Kicevo and beyond. The iron mine has nearly 100 million tons of geological reserves of ore and approximately 80 million exploitation reserves.

The Tajmiste investment came as a result of the meetings held by government's business team during its economic presentations in Turkey.