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Eurasia Mining re-starts production at West Kytlim

Eurasia is mining West Kytlim on a revenue share deal with a contractor,

picture of platinum bar
Platinum is being mines at West Kytlim

Eurasia Mining plc (LON:EUA) has re-staried production at its West Kytlim alluvial platinum operation in the Urals in Russia.

The main ore zones in Malaya Sosnovka are prepared for mining while snow melt is well advanced, resulting in the filling of the reservoir ponds to provide water for the washplants.

Eurasia, which is mining West Kytlim on a revenue share deal with a contractor, added that the main washplant has been delivered to site and assembly work is nearly complete with the small washplant also ready.

Christian Schaffalitzky, managing director, said: "We are pleased to resume production at West Kytlim and look forward to a productive year.”

Elsewhere, a discovery certificate application is being prepared at the much larger Monchetundra deposit after the approval of the Reserves Report and the Feasibility Study.

At the Semenovsky Tailings Project (STP), Eurasia now has an option to increase its stake to 67% after Metal Tiger PLC (LON:MTR) decide not to carry on with the project. 

Work continues on financing plans for STP, using project finance or else a (risk-free for Eurasia) revenue-sharing structure similar to that in place at West Kytlim, said Schaffalitzky.

“Now that Metal Tiger will no longer be with us, we are in a better position to negotiate project finance with a third party."

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Price: 22.74 GBX

Market Cap: £639.03 m

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