A new foreign investment is launched in Macedonia. EurOmax Resources Ltd from Canada will invest 500 million dollars in the next five years, thus creating 500 new jobs.

Company's Chief Operating Office Mark Gustafson and Economy Minister Valon Saraqini signed Tuesday a concession agreement for exploitation of Ilovica copper and gold location near Strumica. Prime Minister Nikola Gruevski was in attendance of the signing ceremony in the Government.

"The construction of a gold and copper mine in Ilovica will allow an income in fresh capital of $500 million, which will be realised in the next five years, and the creation of fresh jobs. The development and launch of this investment is extremely significant taking into consideration the general economic standstill in Europe and worldwide and the difficult circumstances for finding foreign investments," Saraqini stated.

He added that the company would accelerate its activities aimed at developing the mine soon after obtaining the exploitation concession agreement.

"It's an investment with great importance not only for the local economy, but also for all citizens in Macedonia. It will offer new employments and work for many small companies. The EurOmax investment in Ilovica is expected to positively affect the local economy," the minister said adding that Ilovica would become the biggest gold and copper mine in Southeast Europe.

Chief Operating Office Gustafson said the company had been exploring the site of Ilovica for eight years together with a Macedonian team made up of a geologist, engineers and professional consultants.

"We have launched activities in the southern, northern and western part of Macedonia and hopefully we'll be active in your country for many more years," he noted.

EurOmax President and CEO Steve Sharpe praised the dynamics and pragmatism of the authorities in Macedonia.

"We are planning to launch production in the Ilovica mine in mid-2017. We need that period to be  ensured that the mine is built in line with high ecological standards. Gold and copper will be produced as a concentrate," he said adding that the mine would be built in 2015.