Solway Investment Group Guatemalan subsidiaries granted license to resume operations

ZUG, Switzerland, Oct. 3, 2023 /PRNewswire/ -- Solway Investment Group (SIG), a Swiss mining and metals group, is pleased to announce that the US Treasury Office of Foreign Asset Control (OFAC) has granted a license to its Guatemalan subsidiaries Compañia Guatemalteca de Níquel (GCN) and Compañia Procesadora de Níquel de Izabal (ProNiCo).

After a comprehensive review, OFAC has given SIG the green light to relaunch the activities of its subsidiaries in Guatemala. The license, granted on September 29, 2023, paves the way for CGN and ProNiCo to restart operations that are vital to the nearly 6,000 people who rely on them for their livelihood.

Solway also looks forward to implementing new world-class policies and procedures to continue to ensure a fully compliant and ethical business operation and to be recognized as a global corporate citizen with integrity and a commitment to sustainability. The former FBI Director Louis Freeh and his team in collaboration with the Swiss and European advisers will be leading SIG in this ambitious task.

Dan Bronstein, SIG Chairman of the Board said: "Our deepest gratitude is extended to everyone who stood by us during this period. This includes our diligent teams in Guatemala and Ukraine as well as our accomplished legal team led by advisors from the US law firms: Seiden Law LLP; Quinn Emanuel Urquhart & Sullivan LLP; Berliner Corcoran & Rowe LLP, Freeh Sporkin & Sullivan LLP. We would also like to express our appreciation to the Swiss government for their unwavering support. We extend our profound thanks to the US government, especially OFAC and the US State Department, whose professionalism was pivotal in steering this matter towards a positive outcome. We appreciate their recognition of our arguments and now look forward to resuming an essential project for both Guatemala and the nickel supply chain as a whole. We sincerely hope that the Guatemalan authorities will offer their utmost support to expedite the resumption of production in all areas within their jurisdiction. Solway and its counsel are eager to collaborate closely with OFAC to expedite the resolution of this matter, moving forward with the goal of delisting."

In case of further questions or interview requests, please contact Solway Investment Group's press office at: +41-41-740-04-00 or media@solway.ch.