logo-loader

Eurasia Mining unveils further progress on West Kytlim mining licence application

Last updated: 06:45 18 Mar 2015 GMT, First published: 07:45 18 Mar 2015 GMT

platinumpuzzle350_55092d8fc5d82

Eurasia Mining (LON:EUA) reported further progress on its mining licence application for the West Kytlim alluvial platinum project in Russia.

State mining agency Rosnedra has now compiled the draft terms and conditions and it will be submitted to the Ministry of Economic Development (MED), which has 30 days to respond on economic considerations.

Then it is off to the Prime Minister's office for a final overview - for which there is no specified time frame.

Eurasia chief executive Christian Schaffalitzky said: "... we are pleased, once again, to report expeditious progress by our Russian team and the state mining agency Rosnedra, in the preparation of the mining Licence terms and conditions, along with delivery of documentation to the MED.

"We are eager to demonstrate the viability and economics of our work to date at West Kytlim, through an accelerated move into production, upon receipt of the necessary licence approvals.  

"Work continues apace to ensure Eurasia Mining is prudently well prepared for the production phase, to the benefit of all stakeholders and in accordance with our commitment to the mining licence process."

He added that elsewhere the group continued to make progress and was looking forward to providing further updates.

West Kytlim is a PGM (platinum group metals) exploration and development interest in the Urals and Eurasia has a 75% holding.  

FTSE rises ahead of Easter weekend, JD Sport gains on upbeat outlook -...

The FTSE 100 gained on the final morning of this shortened Easter trading week. Festive cheer was limited though, as Thames Water confirmed shareholders would not provide it with a £500 million rescue package, prompting speculation over the London supplier’s future. On a more positive...

1 hour, 20 minutes ago