Eurasia Mining PLC (AIM:EUA) has said it continues to work towards selling its Russian assets although, at no present, there is no guarantee that the company will enter into any binding agreements regarding the sale of these assets.
In a corporate update, the palladium, platinum, rhodium, iridium and gold-producing company said that total production for 2022 at its West Kytlim site in Russia was roughly 200kg of raw platinum concentrate, up 77% from 2021, with a total average grade of 363mg/m3.
A late-season infill programme to determine the final 2023 mine design has also been completed, the company added.
"The West Kytlim mining season has proven to be a success both in terms of the smooth running of the mining operation and the implementation of both the power line and dragline projects over the course of just one mining season, and this despite geopolitical challenges,” said Eurasia chief executive James Nieuwenhuys in the statement.
“We are grateful to our staff for their dedication and focus to keep these projects on budget and on time and look forward to the positive impact of predominantly electrically powered mining and processing through the 2023 season," he added.
Elsewhere, at Monchetundra, Eurasia said it concluded the final infill and geotechnical drilling for both open pits, and the definitive feasibility study for the Loipishnune and West Nittis open pits has been submitted for approval.
Eurasia said its cash position stands at approximately £4mln as of mid-December 2022.
Additionally, the company added, it holds the 2022 West Kytlim mine product with an approximate value of £5.6mln, with additional VAT credits of circa £2mln available against future production.