Russian-linked mining companies' shares rise on sanctions update
Eurasian Mining and Amur Minerals said they would not be affected by new sanctions imposed on Russia
Company
LON:EUA
Eurasia Mining PLC is an international mining and mineral exploration company, focussed on Russia. The company's stated objective is to produce and explore for platinum group metals (PGMs) and gold through self-funded own exploration targets and joint venture partnerships with strategic operators and local partners. Projects are subject to an initial evaluation for viability and once this is established further exploration work is carried out to feasibility study level. It is then the company's intention to either proceed to develop the project to production or partner the project with a suitable operator.
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Eurasian Mining and Amur Minerals said they would not be affected by new sanctions imposed on Russia
The company updated on its PGM subsidiary and its 'good progress despite the current geopolitical context'.
JORC-compliant reserves and resources will be announced separately
With the opening of its Japan office and the appointment of director Tamerlan Abdikeev, Eurasia has identified opportunities in hydrogen/ammonia production that are complementary to the PGM business in Russia.
Kosaka is currently the chair of the Kono foundation
"We are delighted that a relaunch of the NKT nickel-dominant mine generates a significant NPV of $1.2-1.7bn," said chairman Christian Schaffalitzky
Eurasia controls huge areas rich in platinum and palladium mineralisation
The company's stated objective is to produce and explore for PGMs and gold through self-funded exploration targets and joint venture partnerships with strategic operators and local partners
West Kytlim is an operating platinum, palladium, iridium, rhodium and gold mine
Other options for the assets are also being advanced concurrently said the explorer
Eurasia Mining has extensive interests in platinum and palladium in Russia
In March, Eurasia signed a binding agreement to create a joint venture with Rosgeo in which Eurasia will own a 75% equity stake in nine platinum group metal and battery metals assets
The miner has completed a detailed mining plan for the first five years of the project
The shares continued to rise today and were up 24% at 23.0 pence in mid-morning trading
The electricity powerline project is also progressing on schedule
Eurasia has built up a very significant portfolio of platinum group metals assets in Russia
Eurasia has built up a strong track record of successful operations in Russia over the years
The company completed a private placement of 53.3mln shares and warrants to a single institutional investor
"We are delighted to have received a proposal from a credible party that could allow us to pay a significant dividend to all shareholders,” said executive chairman Christian Schaffalitzky
Eurasia Mining has established itself as a considerable force in Russian PGMs