Solway Group

• Solway Industries
• Solway Resource
• Solway Finance Ltd{{Cite web |date=2023-06-23 |title=‘We didn’t believe we weren’t being transparent’ |url=https://www.swissinfo.ch/eng/business/-we-didn-t-believe-we-weren-t-being-transparent-/48597284 |access-date=2023-10-04 |website=SWI swissinfo.ch |language=en}}

Solway is a family-owned mining and metals group headquartered in Switzerland.  The company was founded by Aleksandr Bronstein, citizen of Estonia, born in 1954 in USSR Aleksandr Bronstein retired from all the positions in Solway in 2020 and ceased to own any interest in the company. The current owners of Solway are his sons, Dan and Christian Bronstein, both are German citizens.{{Cite web |date=2023-06-23 |title=Wenn Russland-Nähe auch in der Schweiz zu Problemen führt |url=https://www.swissinfo.ch/ger/wirtschaft/interview-solway_wenn-russland-naehe-auch-in-der-schweiz-zu-problemen-fuehrt/48611584 |access-date=2023-09-27 |website=SWI swissinfo.ch |language=de}}

The company was originally set up in Cyprus in 2011, and in 2015 moved to Switzerland, a well-known hub for the mining and commodity industry.{{Cite web |date=2023-06-23 |title="Acreditávamos estar sendo transparentes" |url=https://www.swissinfo.ch/por/economia/-n%C3%A3o-acredit%C3%A1vamos-que-n%C3%A3o-est%C3%A1vamos-sendo-transparentes-/48597744 |access-date=2023-09-27 |website=SWI swissinfo.ch |language=pt}}

The group operates mines and smelting plants in Guatemala, Ukraine, North Macedonia, Argentina, and Indonesia, with a focus on nickel production.{{Cite web |date=2019-07-25 |title=About Us |url=https://bucim.com.mk/about_us |access-date=2023-09-27 |website=Bucim |language=en-GB}}  It has been active in the nickel business since 2003 when Solway acquired a distressed asset in Ukraine, invested in the reconstruction and started the production of ferro-nickel. This asset is known today as “Pobuzhsky Ferronickel Plant” (“PFP”) and it remained operative despite the war until October 2022. On October 22, 2022, because of a missile strike by the Russian army, the power substation was destroyed and, accordingly, the power supply to the PFP was completely cut off.{{Cite web |date=2022-11-01 |title=Побузький феронікелевий комбінат вимушено призупиняє виробництво |url=https://pfk.com.ua/pobuzkij-feronikelevij-kombinat-vimusheno-prizupinyaye-virobnictvo/ |access-date=2023-09-27 |website=Побузький феронікелевий комбінат |language=uk}} Although production was stopped completely, the group continues financially supporting local residents and social infrastructure of Pobuzhsky town. {{Cite web |date=2023-06-24 |title=ПФК надає підтримку волонтерам, що допомагають ЗСУ |url=https://pfk.com.ua/pfk-nadaye-pidtrimku-volonteram-shho-dopomagayut-zsu/ |access-date=2023-09-27 |website=Побузький феронікелевий комбінат |language=uk}}

Before Solway Fund was established in 2002, several transactions were made by the shareholders, which preceded the history of the company's inception.

Aluminum: In the mid-90s acquired controlling interests in several aluminum plants, the Volgograd Aluminum Plant, the Volkhov Aluminum Plant, and the Pikalevo Alumina Plant. These were sold in 2006 to SUAL, now part of Rusal.

Ferroalloy: In 1996 a controlling interest was acquired in the Kluchevskoy Ferroalloys Plant in the Ural region. The plant produced a wide range of ferroalloys and rare earth alloys. Solway's interest was sold to a manager group in 2003. It is now part of MidUral Group.{{cite web|title=Kluchevskiy Ferroalloy Plant|url=http://www.miduralgroup.com/kzf.htm|accessdate=January 31, 2015}}

Steel: The Red October Steel Plant in Volgograd was acquired in 1999 from creditors in bankruptcy. The plant was restarted and full production restored. It was sold in 2003 to Midland Group. It is now a part of Rosoboronexport, a state-owned firm.

In 2003 the first acquisition was made: the Pobuzhskiy Ferronickel Plant (PFP) in Ukraine. The plant was built in 1964 in the Soviet Union. It had been idle for 3 years when Solway acquired it.{{Cite web |title=Рецепт стабильности {{!}} InVenture |url=https://inventure.com.ua/analytics/formula/recept-stabilnosti |access-date=2023-10-02 |website=inventure.com.ua |language=ru}} In 2014 an attempt at a hostile takeover of PFP took place. Solway became object of the investigation by the Ukrainian intelligence,{{Cite web |title=Спроба рейдерського захоплення ПФК: 130 тис. грн збитків та можлива втрата 50 т готової продукції |url=https://daily.rbc.ua/ukr/show/popytka-reyderskogo-zahvata-pfk-tys-grn-ushcherba-1434610579.html |access-date=2023-10-02 |website=РБК-Украина |language=ru}} the result showed the absence of any links to Russian government or any Russian PEPs. The takeover attempt remains unsuccessful.{{Cite web |last=Коляда |first=Сергей |date=2015-06-30 |title=Российские рейдеры пытаются захватить украинский комбинат? |url=https://incident.obozrevatel.com/crime/35164-rossijskie-rejderyi-pyitayutsya-zahvatit-ukrainskij-kombinat.htm |access-date=2023-10-02 |website=Oboz-Incident |language=ru}}

In the same 2003, the acquisition of Metachim (Chemical plant in Russia) took place.{{Cite web |title=Метахим АО |url=https://ibprom.ru/metakhim |access-date=2023-10-02 |website=ibprom.ru}} In 2011, Metachim becomes an object of a hostile takeover by the Phosagro Group{{Cite web |last=spasti_volhov |date=2011-03-13 |title=The Moscow Post: «Фосагро» продолжает рейдерский захват «Метахима»? |url=https://spasti-volhov.livejournal.com/20181.html |access-date=2023-10-02 |website=Интернет за Волхов}} (backed by the vice-minister of economy of Russia). Solway was forced to sell Metachim for a fraction of its value.

In 2004 Solway acquired Bucim (a copper mine and refinery in North Macedonia).{{Cite web |title=Solway plans to invest 12.8 mln euro in Macedonian assets in 2015 |url=https://seenews.com/news/solway-plans-to-invest-128-mln-euro-in-macedonian-assets-in-2015-459725 |access-date=2023-10-02 |website=SeeNews |language=en}}

In 2005 Solway acquired SASA (zinc and lead mine and refinery in North Macedonia). The asset was purchased as insolvent (during a bankruptcy procedure)[https://minedocs.com/21/Sasa-TR-09222017.pdf]. SASA project was sold in 2015 and by this time investments in SASA were 10,9 mln EURO.{{Cite web |last=Group |first=Solway Investment |title=Solway Investment Group Announces its Investments in Macedonian Assets |url=https://www.prnewswire.com/news-releases/solway-investment-group-announces-its-investments-in-macedonian-assets-289418561.html |access-date=2023-10-03 |website=www.prnewswire.com |language=en}}

In 2006: acquisition of the exploration license in Kuril Islands, Russia.{{Cite web |title=- КУРИЛГЕО |url=http://kurilgeo.ru/ |access-date=2023-10-02 |language=ru-RU}} The exploration resulted in the construction of the KurilGeo gold mine. In 2014, gold production started in KurilGeo.{{Cite web |title=Добыча золота на о.Уруп (Курилы) угрожает исчезающим каланам, тюленям и сивучам! |url=https://democrator.ru/petition/dobycha-zolota-na-ourup-kurily-ugrozhaet-ischezayu/ |access-date=2023-10-02 |website=democrator.ru |language=ru}}

In 2007 Solway acquired its first licenses in Indonesia and followed by other  licenses in 2012.{{Cite web |title=AQUILA PROJECT, INDONESIA – Solway Investment Group, GmbH |url=https://solwaygroup.com/our-business/aquila-project-indonesia/ |access-date=2023-10-02 |language=en-US}}

In 2011: acquisition of Fenix project, a nickel project in Guatemala which was purchased from Hudbay Minerals for $170 million. The operation had been on care and maintenance since 1980.{{Cite web |title=Hudbay Minerals Announces Sale of Fenix Project |url=https://hudbayminerals.com/investors/press-releases/press-release-details/2011/Hudbay-Minerals-Announces-Sale-of-Fenix-Project/default.aspx |access-date=2023-10-02 |website=hudbayminerals.com |language=en-US}} In June 2014, the production in Guatemala{{Cite web |title=Guatemala Produces Nickel Again - CentralAmericaData :: The Regional Business Portal |url=https://m.centralamericadata.com/en/article/home/Guatemala_Produces_Nickel_Again |access-date=2023-10-02 |website=m.centralamericadata.com}} started and in 2019 it reached planned capacity.{{Cite web |last=Group |first=Solway Investment |title=Solway Investment Group Announces Its Full Year 2019 Financial Results |url=https://www.prnewswire.com/news-releases/solway-investment-group-announces-its-full-year-2019-financial-results-301093968.html |access-date=2023-10-02 |website=www.prnewswire.com |language=en}}

In 2015: acquisition of San-Jorge Copper project in Argentina from TSX listed Coro Mining.{{Cite web |last=Rodrigo |date=2015-03-18 |title=Coro Announces Financing Package for Berta and Disposition of San Jorge |url=https://marimaca.com/coro-announces-financing-package-for-berta-and-disposition-of-san-jorge/ |access-date=2023-10-02 |website=Marimaca |language=en}}

In 2019: acquisition of ZGRK project There were gold-containing dumps remaining after gold mine activity in the 1930-s in the Baikal region of Russia therefore the project provided for the recycling of the dumps, the extraction of the remaining gold and further recultivation.{{Cite web |title=Желтугинская ГРК в 2021-м году, вложит два миллиарда рублей в Ключевское |url=https://zhgrk.ru/zheltuginskaya-grk-v-2021-g-vlozhit-2-mlrd-rublej-klyuchevskoe-v-zoloto/}}

In 2021 the company sold Maba nickel project in Indonesia which required the construction of extensive infrastructure, including its own coal-fired power plant.{{Cite web |last=Group |first=Solway Investment |title=Solway Investment Group Announces Full Year 2020 Financial Results |url=https://www.prnewswire.com/il/news-releases/solway-investment-group-announces-full-year-2020-financial-results-301325963.html |access-date=2023-10-03 |website=www.prnewswire.com |language=en}}

In the same year, 2021, the company invested in nickel projects in US, Nevada Copper and Talon Metals Corp through Pallinghurst, an exploration nickel project (Tamarack) in Minnesota.{{Cite web |last=Ltd |first=Solway Finance |title=Acquisition of Shares and Warrants of Nevada Copper Corp. |url=https://www.newswire.ca/news-releases/acquisition-of-shares-and-warrants-of-nevada-copper-corp--889827282.html |access-date=2023-10-03 |website=www.newswire.ca |language=en}}

In 2022, after the beginning of the invasion of Ukraine Solway publicly condemned Russian aggression and decided to exit from all the operations and investment project in Russia. As a result, both KurilGeo, and ZGRK are sold as a package deal (KurilGeo for nominal consideration due to the approaching end of the life of the mine and ZGRK for a consideration of less than 75% of the total investment spent on the acquisition and construction of the mine up to the exit).{{Cite web |title=Компания из Армении купила золоторудное месторождение в Забайкалье. И еще одно на Курильских островах / ЗОЛОТОДОБЫЧА. Добыча золота, технологии, оборудование, рудники, прииски, статьи, обзоры |url=https://zolotodb.ru/link/4249 |access-date=2023-10-02 |website=zolotodb.ru}}{{Cite web |date=2022-06-20 |title=Компания из Армении купила золоторудное месторождение в Забайкалье. И еще одно на Курильских островах |url=https://www.chita.ru/text/economics/2022/06/20/71424434/ |access-date=2023-10-02 |website=Chita.ru - новости Читы |language=ru}}

The Fenix nickel project is a nickel resource in Guatemala which was purchased from Hudbay Minerals in 2011 for $170 million. The operation had been on care and maintenance since 1980. Since 2011, Solway has invested almost US $620 million into the Fenix Project. Today, the Fenix Project consists of a world-class nickel mine, a newly built power plant and the ProNiCo metal processing facility. The project has mining rights to 36.2 million tons of nickel ore reserves with 1.86% nickel, as well as the rights to an additional 70.0 million tons of resources within its license area. In 2014, the ProNiCo plant began operating, and is currently moving towards operating at its production capacity of over 20 kt of Ni pa.{{Cite web|url=https://solwaygroup.com/our-business/fenix-project-guatemala/|title=FENIX PROJECT, GUATEMALA|date=2018-06-27|website=Solway Investment Group, GmbH|language=en-US|access-date=2020-02-05}}

Due to OFAC sanctions, CGN and Pronico have faced difficulties and have had to stop their activity.{{Cite web |date=2023-03-03 |title=Swiss Mining Companies Suspend Operations In Guatemala Due To US Sanctions |url=https://nationworldnews.com/swiss-mining-companies-suspend-operations-in-guatemala-due-to-us-sanctions/ |access-date=2023-10-02 |language=en-US}}

Pobuzhskiy Ferronickel Plant (PFP) in Ukraine. The plant was built in 1964 in the Soviet Union. It had been idle for 3 years when Solway acquired it in 2003. The facility was converted to focus on the production of a single commodity: ferronickel produced from laterite nickel ores imported from Indonesia and New Caledonia, and later, from Solway’s project in Guatemala.Since 2003, Solway has invested over US $200 million into modernizing PFP. The plant currently has an annual production capacity of over 22,000 metric tons of Ni and over 1,100 thousand metric tons of dry laterite ore. The Pobuzhskiy Ferronickel Plant. is a member of the Kyiv Chamber of Commerce and Industry.{{Cite web |title=POBUZHSKY FERRONICKEL PLANT (PFP), UKRAINE – Solway Investment Group, GmbH |url=https://solwaygroup.com/our-business/pobuzhsky-ferronikel-plant-pfp-ukraine/ |access-date=2023-10-03 |language=en-US}}

In November 2022 the management of the Pobuzhsky ferronickel plant announced a forced stoppage of work. The enterprise is not able to restart the furnaces now due to Russian attacks on the Ukrainian energy system.{{Cite web |last=Lysiuk |first=Oksana |date=2022-11-02 |title=Ukraine's only ferronickel plant has suspended work due to the energy crisis. |url=https://ubn.news/ukraines-only-ferronickel-plant-has-suspended-work-due-to-the-energy-crisis/ |access-date=2023-10-02 |website=UBN |language=en-US}}

[https://bucim.com.mk/ DOO Bucim in North Macedonia.] Solway acquired the bankrupted Bucim mine in 2005 when it won the Macedonian government’s international tender. Since 2005, Solway Investment Group has invested over US $50 million in the Buchim mine. Today, Bucim is an open pit mine which produces premium flotation concentrate containing copper and gold, and a SX/EW operation producing LME-grade cathode copper. Buchim processes over 4.5 million tons of ore annually. Over 40,000 tons of copper concentrate containing gold are produced each year.{{Cite web|url=https://www.prnewswire.com/il/news-releases/solway-celebrates-the-40th-anniversary-of-the-bucim-doo-radovish-mine-and-15-years-of-operations-in-north-macedonia-300909097.html|title=Solway Celebrates the 40th Anniversary of the Bucim DOO Radovish Mine and 15 Years of Operations in North Macedonia|last=Group|first=Solway Investment|website=www.prnewswire.com|language=en|access-date=2020-02-05}} Within the Buchim project, Solway is developing the Borov Dol mine which will extend the life of the Buchim operation to at least 2028. An estimated US $56 million of total capital expenditures will be dedicated to the Borov Dol project.{{Cite web|url=https://solwaygroup.com/2018/12/18/solways-buchim-doo-has-officially-launched-preparatory-works-at-the-new-borov-dol-mine/|title=Solway's Buchim DOO has officially launched preparatory works at the new Borov Dol mine|date=2018-12-18|website=Solway Investment Group, GmbH|language=en-US|access-date=2020-02-05}}{{Cite web |date=2021-09-20 |title=Global nickel production to recover in 2021 |url=https://www.globalminingreview.com/mining/20092021/global-nickel-production-to-recover-in-2021/ |access-date=2023-10-02 |website=Global Mining Review |language=en}}

Aquila nickel project, 2005, Indonesia.{{cite web |title=Solway Finance Ltd |url=http://www.moneytometal.org/index.php/Solway_Finance_Ltd |accessdate=January 31, 2015 |website=www.moneytometal.org}} Aquila Nickel is a greenfield nickel and cobalt project focused on the construction of a large, top-tier nickel producer in Indonesia. The resource base consists of Maba, a world-class, large Ni-Co deposit located on Halmahera Island. Currently, the project is estimated to have resources of over 120 million tons of dry saprolite ore, with an average nickel grade of 1.58%, as well as over 80 million tons of dry limonite ore, with a nickel grade of 1.15% and a cobalt grade of 0.15%. In 2017, the group obtained all the necessary permits required to proceed to the next stage of the project, including the main mining license.{{Cite web |date=2021-09-20 |title=Global nickel production to recover in 2021 |url=https://www.globalminingreview.com/mining/20092021/global-nickel-production-to-recover-in-2021/ |access-date=2023-10-03 |website=Global Mining Review |language=en}}

Kurilgeo, Urup Island Russia. Solway owned and operated a gold mining project on Urup Island, one of the Kuril Islands, in Russia’s Far East. In June 2022, Solway sold project to Armenian company Far East Gold after they reported that "despite the limited investment and operating activities in Russia, it is exiting all its projects in Russia’ in response to Russian special operation in Ukraine.{{Cite web |date=2022-06-10 |title=Российские горнорудные активы Solway приобрела армянская "Фар Ист Голд" |url=https://www.interfax.ru/business/845822 |access-date=2023-10-02 |website=Interfax.ru |language=ru}}

Investment in Coro Mining Corp in May 2011 San Jorge Copper project in Mendoza Province. Argentina. Today the Group acquired a 100% ownership of the project.{{Cite news|url=https://www.streetinsider.com/SEC+Filings/Form+F-7+Coro+Mining+Corp/14534744.html|title=Form F-7 Coro Mining Corp|work=StreetInsider.com|access-date=2020-02-05}}

In 2021, investments into the copper development project in US: Nevada Copper Corp.'s (TSE:NCU) {{Cite web |last=Ltd |first=Solway Finance |title=Acquisition of Shares and Warrants of Nevada Copper Corp. |url=https://www.newswire.ca/news-releases/acquisition-of-shares-and-warrants-of-nevada-copper-corp--889827282.html |access-date=2023-10-02 |website=www.newswire.ca |language=en}} and Talon Metals Corp{{Cite web |last=fdlkjq39w17 |date=2021-10-18 |title=Pallinghurst to Acquire a 19.2% Interest in Talon Metals Corp. {{!}} The Pallinghurst Group |url=https://www.pallinghurst.com/2021/10/pallinghurst-to-acquire-a-19-2-interest-in-talon-metals-corp/ |access-date=2023-10-02 |language=en-GB}} in Minnesota through Pallinghurst Resources Ltd.{{Cite web |title=Pallinghurst Resources Ltd : Shareholders Board Members Managers and Company Profile {{!}} GG00B27Y8Z93 {{!}} MarketScreener |url=https://www.marketscreener.com/quote/stock/PALLINGHURST-RESOURCES-LT-16023288/company/ |access-date=2023-10-02 |website=www.marketscreener.com |language=en}}

The company is accused of bribery, corruption and environmental crimes, based on secret internal documents sent to the journalistic association Forbidden Stories led by the French journalist and founder Laurent Richard.{{cite web|lang=en-US|title=Mining Secrets|website=Forbidden Stories|date=March 6, 2022|url=https://forbiddenstories.org/case/mining-secrets/|accessdate=March 8, 2022}} {{Cite web |last=Gonzalez |first=Luis |title=CGN y Pronico denuncian ataque a su sistema informático |url=https://republica.gt/economia/cgn-y-pronico-denuncian-ataque-a-su-sistema-informatico-20223717100 |access-date=2023-10-02 |website=República.gt |language=es}}

In response to the allegations, the company launched an investigation in December 2022. The first results were published in May 2023.

The investigation was led by experienced and respectable investigators retired from the United States government.{{Cite web |title=Solway Investment Group launches independent probe of alleged corruption concerning Guatemalan subsidiaries. |url=https://solwaygroup.com/2022/12/09/solway-investment-group-launches-independent-probe-of-alleged-corruption-concerning-guatemalan-subsidiaries/ |access-date=2023-10-02 |website=Solway Investment Group, GmbH |language=en-US}} The independently conducted investigation demonstrated that it is not Russian owned, controlled, connected, or influenced.{{Cite web |last=Group |first=Solway Investment |title=FIRST RESULTS OF INDEPENDENT INVESTIGATION SHOW SOLWAY INVESTMENT GROUP HOLDS NO RUSSIAN CONNECTION |url=https://www.prnewswire.com/de/pressemitteilungen/first-results-of-independent-investigation-show-solway-investment-group-holds-no-russian-connection-301882462.html |access-date=2023-10-02 |website=www.prnewswire.com |language=de}}

Solway has strong links here with the Guatemala-based company Pronico,{{Cite web |last=Cuffe |first=Sandra |date=2022-03-27 |title=The Hidden Story of a Notorious Guatemalan Nickel Mine |url=https://theintercept.com/2022/03/27/solway-guatemala-nickel-mine/ |access-date=2023-10-02 |website=The Intercept |language=en-US}} whose mine has caused an environmental disaster with emissions of high levels of nickel in Guatemala's largest lake.{{Cite web |last=Gonzalez |first=Luis |title=¿Qué causó la contaminación en el lago de Izabal en 2017? |url=https://republica.gt/guatemala/que-causo-la-contaminacion-en-el-lago-de-izabal-en-2017--202221118220 |access-date=2023-10-02 |website=República.gt |language=es}}

An independent study by the University of San Carlos of Guatemala (Usac) concluded that the red color of the water in the lake was a product of pollution, but due to organic and chemical waste in the Polochic river, one of the largest in Guatemala. The finding was supported by the Ministry of the Environment.{{Cite web |last=Avila |first=Amilcar |date=2017-05-16 |title=“Si no hacemos algo con el lago de Izabal vamos a tener el mismísimo problema que en Amatitlán” |url=https://www.publinews.gt/gt/noticias/2017/05/16/contaminacion-lago-izabal-segun-ministro-ambiente.html |access-date=2023-10-02 |website=Publinews |language=es}}

According to the Minister of the Environment , Sydney Samuels, among the polluting agents of the lake there are the surrounding communities and the sewage of the Polochic River, as it flows into Lake Izabal.

Unicellular algae feed on waste and each other, which is why they are growing excessively, says the official.{{Cite web |last=Avila |first=Amilcar |date=2017-05-16 |title=“Si no hacemos algo con el lago de Izabal vamos a tener el mismísimo problema que en Amatitlán” |url=https://www.publinews.gt/gt/noticias/2017/05/16/contaminacion-lago-izabal-segun-ministro-ambiente.html |access-date=2023-10-02 |website=Publinews |language=es}}

He also indicated that it is that same process that began in Lake Amatitlán and no one knew how to treat it.{{Cite web |title=A damning photo holds a Swiss-Russian mine accountable in Guatemala |url=https://forbiddenstories.org/a-damning-photo-holds-a-swiss-russian-mine-accountable-in-guatemala/ |access-date=2023-10-02 |website=forbiddenstories.org |language=en-US}}

Solway was also accused of removing filter of the chimneys at night, which the locals thought was the cause of the red smoke from the factory chimneys. Solway said that excessive concentrations of fine particles in communities are associated with unrelated to the plant sources of dust: road dust and waste incineration in fields. CGN’s manager added that monitoring is carried out constantly, for not only water but also dust and noise.{{Cite web |title=A damning photo holds a Swiss-Russian mine accountable in Guatemala |url=https://forbiddenstories.org/a-damning-photo-holds-a-swiss-russian-mine-accountable-in-guatemala/ |access-date=2023-10-03 |website=forbiddenstories.org |language=en-US}}

A documentary was also made in March 2022 for SVT (Swedish Television) where the leaked documents revealed the scandal{{Citation |last=Sweden |first=Sveriges Television AB, Stockholm |title=Uppdrag granskning – Smutsigt stål |url=https://www.svtplay.se/video/jd1kD6N/uppdrag-granskning/smutsigt-stal |language=sv |access-date=2023-03-02}} It is the result of a large investigation "Mining Secrets" to which 65 journalists from 15 countries participated, including journalists from El País (Spain), Le Monde (France) and Prensa Comunitaria (Guatemala), which also uncovered evidence of spying on journalists, and manipulation and intimidation of indigenous leaders.{{Cite web |last=Cuffe |first=Sandra |date=2022-03-27 |title=The Hidden Story of a Notorious Guatemalan Nickel Mine |url=https://theintercept.com/2022/03/27/solway-guatemala-nickel-mine/ |access-date=2023-10-03 |website=The Intercept |language=en-US}}

In November 2022, the U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC) sanctioned Compania Guatemalteca de Niquel (CGN), Compania Procesadora de Niquel (ProNiCo), two subsidiaries of solway group.{{Cite web |date=2023-08-28 |title=Treasury Targets Russian-Backed Corruption in Guatemala Mining Sector |url=https://home.treasury.gov/news/press-releases/jy1118 |access-date=2023-10-03 |website=U.S. Department of the Treasury |language=en}}

According to independent investigators, OFAC in its statement, refers to incorrect allegation, stating that Solway is a Russian company. and Although there were connections between Solway, its founder, and Russian business entities and individuals, the investigation shows there is no evidence that Solway, its founder, or its shareholders were historically, or are currently, controlled or influenced by Russian entities and/or individuals in any way. No evidence has been found to date of any direct, indirect, hidden, beneficial or informal Russian private corporate, governmental entity or individual ownership interest in, or indicia of control over, Solway, CGN, or Pronico or any of its shareholders or executives.{{Cite web |last=Group |first=Solway Investment |title=FIRST RESULTS OF INDEPENDENT INVESTIGATION SHOW SOLWAY INVESTMENT GROUP HOLDS NO RUSSIAN CONNECTION |url=https://www.prnewswire.com/de/pressemitteilungen/first-results-of-independent-investigation-show-solway-investment-group-holds-no-russian-connection-301882462.html |access-date=2023-10-03 |website=www.prnewswire.com |language=de}}

A Newsweek investigation suggested that the US government is trying to capitalize on the Treasury sanctions to secure access to Solway’s mining assets in Guatemala amid intense competition with China over strategic resources.{{Cite web |last=Brennan |first=David |date=2023-04-06 |title=Exclusive: U.S. role in notorious nickel mine deal revealed |url=https://www.newsweek.com/newsweek-exclusive-us-bid-help-secure-sanctioned-1bn-nickel-mine-guatemala-fenix-1792282 |access-date=2023-10-03 |website=Newsweek |language=en}}

After a comprehensive review, OFAC has given SIG the green light to relaunch the activities of its subsidiaries in Guatemala.{{cn|date=March 2024}}

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Category:Mining companies of Switzerland