[7] 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.

[8] The group operates mines and smelting plants in Guatemala, Ukraine, North Macedonia, Argentina, and Indonesia, with a focus on nickel production.

[9]  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.

[10] Although production was stopped completely, the group continues financially supporting local residents and social infrastructure of Pobuzhsky town.

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

[16] In 2011, Metachim becomes an object of a hostile takeover by the Phosagro Group[17] (backed by the vice-minister of economy of Russia).

[27] In 2021 the company sold Maba nickel project in Indonesia which required the construction of extensive infrastructure, including its own coal-fired power plant.

[29] 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).

Today, the Fenix Project consists of a world-class nickel mine, a newly built power plant and the ProNiCo metal processing facility.

Solway acquired the bankrupted Bucim mine in 2005 when it won the Macedonian government’s international tender.

The resource base consists of Maba, a world-class, large Ni-Co deposit located on Halmahera Island.

In 2017, the group obtained all the necessary permits required to proceed to the next stage of the project, including the main mining license.

[41] Investment in Coro Mining Corp in May 2011 San Jorge Copper project in Mendoza Province.

[42] In 2021, investments into the copper development project in US: Nevada Copper Corp.'s (TSE:NCU) [43] and Talon Metals Corp[44] in Minnesota through Pallinghurst Resources Ltd.[45] 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.

[49] Solway has strong links here with the Guatemala-based company Pronico,[50] whose mine has caused an environmental disaster with emissions of high levels of nickel in Guatemala's largest lake.

[58] According to independent investigators, OFAC in its statement, refers to incorrect allegation, stating that Solway is a Russian company.

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.

[59] 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.

[60] After a comprehensive review, OFAC has given SIG the green light to relaunch the activities of its subsidiaries in Guatemala.