Mining 2026

NORTH MACEDONIA Law and Practice Contributed by: Ana Tosic Chubrinovski, Ivica Jevtic, Ljupka Naumoska Gjorgjievska and Marija Boceska, JPM Partners North Macedonia

fer of shares/stakes to the new concessionaire in the Central Registry of the Republic of North Macedonia. The transfer fee is payable regardless of whether the legal entity to which the concession is being trans - ferred is under foreign ownership. 5. Mining Investment and Finance 5.1 Attracting Investment for Mining The Republic of North Macedonia attracts mining investment through a concession-based system established under the Law on Mineral Resources, supported by ongoing reforms aimed at aligning the sector with EU standards. The country offers a transparent and competitive framework for obtaining exploration and exploitation rights, including public electronic auctions and mandatory EIAs for all major projects. The fiscal regime is competitive: the concession fee for metallic mineral resources is relatively low (4% per tonne of produced concentrate), and the Republic of North Macedonia maintains one of the lowest cor - porate tax rates in Europe (10% profit tax). Labour costs are also highly competitive compared to other European jurisdictions. Additional strengths include an experienced and tech - nically skilled workforce, established mining tradition and cost-efficient operational environment. These factors, combined with access to EU markets, cre - ate favourable conditions for attracting foreign and domestic investment into the exploration and mining sectors. 5.2 Foreign Investment Restrictions and Approvals in the Exploration and Mining Sectors Foreign investment in the Republic of North Macedo - nia is generally unrestricted and protected under the Law on Foreign Investments, which provides guar - antees such as free transfer of funds and protection against expropriation. Foreign investors may hold 100% ownership in exploration or mining companies, and there is no separate foreign investment approval procedure for entering the sector.

Entry into mining is primarily regulated through the standard concession procedures for exploration and exploitation, which apply equally to domestic and foreign entities. However, strategic or critical min - eral projects are increasingly subject to government approval, in line with new legislative developments and the forthcoming Law on Mining. General requirements such as company registration, ultimate beneficial owner (UBO) disclosure and AML/ CFT compliance continue to apply. Restrictions may affect the acquisition of real estate by foreign enti - ties depending on reciprocity, but these do not limit access to mining concessions. 5.3 International Treaties Related to Exploration and Mining The Republic of North Macedonia is party to several multilateral and bilateral treaties that protect foreign investments in the exploration and mining sector. As a WTO member and a signatory to the Energy Charter Treaty (ECT), the country provides broad guarantees for foreign investors, including fair treatment, protec - tion from expropriation without compensation, unre - stricted transfer of profits and access to international arbitration. The country has also concluded a wide network of bilateral investment treaties (BITs) with EU and non- EU jurisdictions, including Austria, Germany, Switzer - land, the Netherlands, the United Kingdom, Turkey, China and others. These BITs generally provide clas - sic investment protections such as national treatment, most-favoured-nation treatment, protection against unlawful expropriation, free movement of capital and recourse to ICSID or UNCITRAL arbitration. In addition, the Republic of North Macedonia is a contracting state to the ICSID Convention, giving for - eign investors direct access to investor–state dispute settlement for disputes relating to mining and natural resources. Taken together, these treaties establish a stable inter - national legal environment that favours and protects foreign investment in exploration and mining projects in the jurisdiction.

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