CORPORATE NEWS

Avellana Gold discusses specifics of doing business in Ukraine with UkraineInvest representatives Avellana Gold discusses specifics of doing business in Ukraine with UkraineInvest representatives
Avellana Gold CEO Brian Savage had a meeting with representatives of investment promotion company UkraineInvest in Kyiv. In the course of meeting the companies discussed efficient ways of doing business in Ukraine. According to Avellana Gold, investment climate in Ukraine is improving and the country is becoming more and more attractive for business, yet foreign investors often encounter bureaucratic difficulties. “Our meeting with UkraineInvest testifies to the stage that Avellana is currently at. I think that Ukraine is interested in understanding all the challenges that an investor may encounter here. UkraineInvest gave us good advice on how to deal with such challenges and expressed interest in our progress of growing as a company,” Brian Savage, CEO of Avellana Gold said. Avellana Gold has developed a unique polymetals mining project in Zakarpattia and plans to invest around 100 million $. The project will allow for construction of a technologically advanced enterprise that Ukraine has not had for the past 20 years. “We feel that it is possible to do business in Ukraine and that the government is involved in attracting investment. At the same time, some very insignificant problems may become critical for an investor. We are, first of all, referring to bureaucracy – the company got all permits for doing business but the very process of document issue is being delayed. We are hoping that with the help of UkraineInvest recommendations and attraction of business ombudsmen we will be able to solve all the problematic issues,” Andriy Smolin, representative of Avellana Gold in Ukraine, stated. It should be reminded that in 2016 Avellana Gold bought Carpathian Mining Company and Western Exploration Company that hold special permits for exploration and mining of polymetal ores in Western Ukraine (Muzhiivske, Berehivske and Kvasivke deposits).