leadf
logo-loader
viewEurasia Mining PLC

Eurasia Mining PLC - West Kytlim DFS Approved

RNS Number : 4646M
Eurasia Mining PLC
21 January 2021
 

21 January

 

EURASIA MINING PLC

("Eurasia" or "the Company")

West Kytlim DFS Approved

Eurasia Mining plc, the palladium, platinum, rhodium, iridium and gold producing company, operating the established West Kytlim Mine in the Urals, and also the operator of the Monchetundra Project comprising two predominantly palladium open pit deposits near base metal and PGM processing facilities and close to the town of Monchegorsk on the Kola Peninsula, is pleased to announce the approval of the West Kytlim definitive feasibility study ("DFS") by a formal meeting of the Russian State Committee on Reserves.

Approval of the Definitive Feasibility Study

The DFS is the final stage feasibility study that starts with the concept/scoping study, then develops into preliminary feasibility study/studies ("PFS") followed by feasibility study/studies ("FS") and finally by DFS.

As previously announced, the DFS was prepared by GeoInvestProject ("GIP"), an independent technical and engineering consulting company.

The DFS formal approval is a step change in the development of West Kytlim, eliminating single asset risk by allowing production at several open pits concurrently, thereby increasing production volumes in comparison to a sequential mining approach.

In addition, the DFS allows for year-round stripping, earth moving and ore stockpiling in advance of the ore processing.

Ongoing Operations

The stripping and earthmoving activities are ongoing and unaffected by COVID-19 (zero cases to date thanks to the mechanised open pit nature of the operations and the strict prevention measures implemented) and are set to continue uninterrupted until the spring when running water will allow the resumption of ore beneficiation, which will run concurrently with mining operations.

The cash position of the company is over $7m after significant CAPEX made into production expansion and after rehabilitation of the areas already mined at West Kytlim. 

Comments

Christian Schaffalitzky, Executive Chairman commented: "The Directors are pleased with the DFS approval, aimed at production increases, and confirming West Kytlim's position as the world's largest operation of this type. After significant capital investment at West Kytlim into the production scale up and into the rehabilitation, the cash position of Eurasia is robust with over $7m, while the Company is pursuing its strategy as previously reported. Further announcements will be made in due course".

 

Market Abuse Regulation (MAR) Disclosure

Certain information contained in this announcement would have been deemed inside information for the purposes of Article 7 of Regulation (EU) No 596/2014 until the release of this announcement.

 

 

ENQUIRIES:

Eurasia Mining Plc

Christian Schaffalitzky/ Keith Byrne

+44 (0)207 932 0418

 

SP Angel Corporate Finance LLP (Nomad and Joint Broker)

Ewan Leggat / David Hignell / Adam Cowl

+44 (0)20 3470 0470

 

Optiva Securities (Joint Broker)

Christian Dennis

Tel: +44 (0) 20 3137 1902

 

 

This information is provided by RNS, the news service of the London Stock Exchange. RNS is approved by the Financial Conduct Authority to act as a Primary Information Provider in the United Kingdom. Terms and conditions relating to the use and distribution of this information may apply. For further information, please contact rns@lseg.com or visit www.rns.com.

RNS may use your IP address to confirm compliance with the terms and conditions, to analyse how you engage with the information contained in this communication, and to share such analysis on an anonymised basis with others as part of our commercial services. For further information about how RNS and the London Stock Exchange use the personal data you provide us, please see our Privacy Policy.
 
END
 
 
MSCDKDBBKBKDODB

Quick facts: Eurasia Mining PLC

Price: -

Market: AIM
Market Cap: -
Follow

Create your account: sign up and get ahead on news and events

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

Market Report: FTSE falls as dollar weakness strengthens pound

The FTSE 100 starts on the back foot this Tuesday as dollar weakness strengthens sterling. The London bourse is taking its lead from global stocks after the US imposed fresh sanctions on Chinese telecoms group Huawei. Marks & Spencer (LON:MKS) is cutting 7,000 jobs over the next three...

on 18/8/20

3 min read