Eurasia Mining plc (LON:EUA) is seeing production as its alluvial platinum mine at West Kytlim run well ahead of schedule.
A new contractor was appointed in March and mining began from stockpiled ore at the Malaya Sosnovka open pit in April.
WATCH: Eurasia Mining debt-free as it beats production target for mining season
Production to end June amounted to 76kg, against a target of 50kg, and has since risen to 141.5kg.
A second open pit, Kluchiki, started operating in August and as a result, Eurasia said it has already exceeded its entire 2018 production target at West Kytlim by 50%. “We believe this represents a major outperformance of our initial production targets.”
At the Monchetundra prospect, Eurasia is hopeful of receiving a permit shortly as technical approvals were received in June and the documentation is now with the Prime Minister's office.
Christian Schaffalitzky, executive chairman, added that Eurasia is now debt free.
“The company is now in a much stronger position, with robust plans in place for future development and steady annual production foreseeable each year at West Kytlim.
“Coupled with the planned development of a mine at Monchetundra, we can anticipate a significant step-up for Eurasia and its shareholders.”