As it forecast, Eurasia Mining plc (LON:EUA) has produced its first platinum concentrate from the West Kytlim alluvial platinum project in Russia.
A batch of raw concentrate is now ready to be shipped to the Ekaterinburg non-ferrous metals processing plant in line with the refining contract signed in July.
Last Thursday, the firm said mining had started, with three blocks cleared of vegetation and an on-site laboratory ready, with all the main equipment in place, including a concentrating table.
Gravel washing has now been adjourned while a new water supply using steel piping is installed, which will be completed early next week.
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Mining continues and gravels are being stockpiled adjacent to the plant ready for washing, Eurasia said today.
Eurasia will be required to deliver concentrates to Ekaterinburg at greater than 60% platinum to be delivered in batches of not less than 500g.
Platinum refining will cost of 2.75%, payable by Eurasia, while gold refining costs will be 5.5%. Other metals such as iridium, palladium and rhodium will be recovered but are not expected to materially affect project economics.
The refinery at Ekaterinburg was commissioned in 1916 and is the oldest producer of pure platinum metal in Russia selling products to around 1,200 customers in Russia and abroad.
The refinery will now separate pure platinum and gold from waste (mostly iron) and the refined metal will be sold to Ekaterinburg.
The exact quantity of pure platinum will vary with each batch but is expected to be in line with similar products from other Uralian Mines and range between 70 and 75% pure platinum.