Eurasia Mining PLC (AIM:EUA), the palladium, platinum, rhodium, iridium and gold-producing company, has been given approval for a definitive feasibility study for the Monchetundra project in the Kola peninsula, northwest Russia.
In parallel, management changes have been made to reflect Eurasia’s focus on the possible sale of its assets in Russia, including the Monchetundra project.
With the completion of the Monchetundra definitive feasibility study, the two open pit mines, with their related plant and facilities, are ready for construction work to commence.
“While we have an EPCF (engineering, procurement, construction and financing) agreement with Sinosteel in place, the board does not believe it is appropriate to commence construction immediately due to the ongoing sale process of its Russian assets,” read the group’s regulatory statement, adding that “it is expected that counterparties will have their own plans for future development, and it is important to leave such options open”.
James Nieuwenhuys, a mining, processing and EPC specialist, is retiring as the company's chief executive with immediate effect.
The board wished him well, applauding Nieuwenhuys for his hard work in taking the project to this milestone after similar work at West Kytlim.
Konstantin Firstov, the project manager in Kola, has taken on additional responsibilities by accepting the appointment as Country Manager. Firstov will have oversight of the ongoing discussions regarding the sale process.
“At present, there can be no guarantee that Eurasia will enter into binding agreements regarding the sale process,” the company noted.