Eurasia Mining PLC (AIM:EUA) said its subsidiary, Kosvinsky Kamen, has won litigation in relation to a mining tax claim against the tax authorities in the Supreme Court in Moscow.
Overpayments of the mining tax made by the company since the beginning of 2021 will now be returned by the tax authorities in full.
A first tranche payment of approximately £480,000 has been transferred and the company's cash position as of 31 December 2023 was approximately £989,000.
As a result, Eurasia said it now has sufficient working capital to meet ongoing obligations until early third-quarter 2024 and further repayments from the tax authorities, as yet unquantified, are expected to be transferred related to the reduction in the tax rates for the three years.
Christian Schaffalitzky, Eurasia’s chairman, commented: "We are delighted to have successfully won the litigation at the top level of the Supreme Court and we are extremely grateful to our in-house team and our advisers from Pepeliaev Group who assisted us on this matter."