Eurasia Mining PLC (LON:EUA) has moved closer production at its alluvial platinum mining assets at West Kytlim in Russia with the receipt of all mining permits.
RostekhNadzor (the Federal Service for Ecological, Technological and Nuclear Supervision) has approved the Technical Design Report and the mine plan.
A "mining allotment" certificate has also been issued permitting work at Eurasia's first area of development at Malaya Sosnovka, it said.
With this formality all the approvals for mining have been obtained.
Christian Schaffalitzky, Eurasia’s managing director, said: "We are very pleased with the steady progress to production in our West Kytlim project.
“Mining is still targeted to commence this summer with our preparatory work still on schedule.”
Broker SP Angel noted: “It will be interesting to see if the company is finally able to move into production though it is ironic that platinum is close to its lowest gold / platinum ratio seen through the history of the company.
“Platinum prices look good in Rouble terms although Russian operating costs have a tendency to catch up with US dollar based costs in time.”
Shares added 3.85% to stand at 0.675p.