Macedonia blocks bank accounts of Kazandol project investors

The bank accounts of Copper Investments (COPIN), the investor in Macedonia’s Kazandol mining project via its subsidiary Sardich MC, have been blocked since April 12 and the company’s employees are not receiving their salaries, local media reported.

Copper Investments is the owner of Sardich MC company, reportedly set up with British and Ukrainian capital, which started developing the Kazandol mining complex in southern Macedonia. However, the Macedonian government decided on March 27 to annul the concession agreement on the exploration of copper, gold and silver at the site, claiming the concessionaire had breached the agreement.

In an open letter to media, employees of the companies said they will start a protest if the situation with the blocked accounts continues and they do not receive their wages, broadcaster TV21 reported on April 28.

Another 250 people employed in other firms which are subcontractors to the mining project are in the same situation.

Deputy Prime Minister Koco Angjusev was cited as saying that the accounts were blocked as the state is protecting itself in case where the agreement with the government is not respected by the investors.

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