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Work gets underway at Eurasia’s West Kytlim mine

The miner has commenced the start-up operation at its platinum and gold mine in Russia

an alluvial mine, with shovels, sieves and a body of water
Alluvial mining involves sifting through mud, sand and gravel, although the process is normally more complicated than this picture would suggest

Eurasia Mining plc (LON:EUA) has begun the start-up operation at its West Kytlim alluvial platinum licence in Russia.

Earth-moving equipment has already been on-site preparing pit protection drainage ditches, tailings storage ponds and stockpile areas.

Accommodation, maintenance and fuel storage facilities have been installed and tree felling is taking place at the moment, after which soil removal will begin.

All of this work is being carried out by Russian firm SK Region-Story (SKRS), which will cover all capital and operating costs.

“We are very impressed with the speed at which SKRS have been able to mobilise men and equipment,” said managing director Christian Schaffalitzky.

“Key Eurasia management staff and mining engineers are also in the camp at the site to direct the initial mining project.”

As a result of SKRS taking on the bulk of the work and footing all of the costs, revenue generated from the sale of gold and platinum concentrates will be split 70:30 in favour of the Russian firm.

Processing is expected to start at all five gravel ore blocks by late October or early November.

The West Kytlim project is estimated to have a minimum mine life of 10 years.

Shares were down 0.04p, or 7%, to 0.51p.

Quick facts: Eurasia Mining PLC

Price: 23 GBX

AIM:EUA
Market: AIM
Market Cap: £626.7 m
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