Eurasia Mining PLC - Monchetundra Update Sinosteel EPC H1 2019
("Eurasia" or the "Company")
Monchetundra Update Sinosteel EPC H1 2019
A Engineering, Procurement and Construction (EPC) contract, with an associated mine finance package has been signed with Chinese company Sinosteel. Eurasia and its contractors are making progress on the production preparation activities stipulated by the EPC as TGK's (Eurasia's 80% subsidiary) responsibilities to initiate the payments from Sinosteel to TGK under the subcontracted works for the total amount of
· Flanks area application finalised and approved by Eurasia's board for submission to Rosnedra. Eurasia's TGK as the production license holder has exclusive rights for the flanks that are expected to increase the resources severalfold
· Agreement signed with
· Eurasia and its contractors are making good progress on the production preparation activities stipulated by the EPC with Sinosteel as TGK's (Eurasia's 80% subsidiary) responsibilities to initiate the payments from Sinosteel to TGK
Detailed Project Report
Eurasia's long-standing working partner at the
The area of the surface facilities and the related infrastructure is also being surveyed. Provisional locations have been determined and approved by government agencies in approving the Mining Permit, however a further level of precision is required for mining. Forestry clearing and Forestry commission approval is not considered to be a significant factor in infrastructural planning, and it is not expected that any population centres will be directly affected by the open pit mines development.
CKE has also prepared a work proposal for trial mining locations, which can commence under Russian legislation on already approved C2 category ore body.
Sinosteel and EPCF summary
Sinosteel (http://en.sinosteel.com/index.html) is a diversified and integrated base and industrial metals enterprise and a major importer of iron ore to
Eurasia and its contractors are making progress on the production preparation activities stipulated by the EPC as TGK's (Eurasia's 80% subsidiary) responsibilities to initiate the payments from Sinosteel to TGK under the subcontracted works for the total amount of
A 'Flanks' licence was finalised, to be submitted Rosnedra in
A further statement on this application, including the quantum of already approved resources within the area to be applied for, will be made if an application is submitted.
Discussions with specialist laboratories for detailed metallurgical process improvement , with the aim of enhancing profitability, have been ongoing through 2019 and an agreement has now been signed with Intec International Projects of
This announcement includes inside information as defined in Article 7 of the Market Abuse Regulation No. 596/2014 and is disclosed in accordance with the Company's obligations under Article 17 of those Regulations.
Tel: +44 (0)207 932 0418
Tel: +44 (0)161 832 2174
| || |
Tel: +44 (0)20 7374 2212
| || |
| || |
Tel: +44 (0) 20 3137 1902
| || |
This information is provided by RNS, the news service of the
Quick facts: Eurasia Mining PLC
Market Cap: £196.18 m
NO INVESTMENT ADVICE
The Company is a publisher. You understand and agree that no content published on the Site constitutes a recommendation that any particular security, portfolio of securities, transaction, or investment strategy is...FOR OUR FULL DISCLAIMER CLICK HERE