On October 3, 2023, Swiss mining and metals Group Solway Investment Group (SIG) is pleased to announce that The U.S. Treasury Department's Office of Foreign Assets Control (OFAC) has awarded funds to its Guatemalan subsidiaries CompaniaGuatemalteca de Niquel (GCN) and Compania Procesadora de Niquel de Izabal(ProNiCo) granted the license. Solway Group subsidiaries CGN and Pronico operate a nickel-iron production and sales project in Guatemala with a capacity of about 25,000 metal tons per year, which was halted in November 2022 due to the investigation.
Following a comprehensive review,OFAC has agreed to allow SIG's subsidiary in Guatemala to resume its activities. The license, issued on September 29, 2023, paves the way for CGN and ProNiCo to resume operations that are critical to the nearly 6,000 people who depend on them for their livelihoods. Solway also looks forward to implementing new world-class policies and procedures to continue to ensure fully compliant and ethical business operations and to be recognized as a global corporate citizen with integrity and commitment to sustainability. Former FBI Director Louis Freeh and his team, in collaboration with Swiss and European consultants, will lead SIG through this ambitious project.
