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Eurasia Mining says extensive permit application process for Monchetundra project concluded after mining permit issue approved

Christian Schaffalitzky, Eurasia Mining’s chairman commented: “We are very happy that our work on obtaining this licence, which began more than ten years ago, has finally been completed"

Palladium
The Monchetundra project comprises 1.9mln ounces of palladium-led reserves and resources with platinum, gold, copper and nickel with a gross in-situ value of US$2.11bn

Eurasia Mining PLC (LON:EUA) shares leapt higher on Wednesday after the firm revealed late on Tuesday that the extensive permit application process Monchetundra PGM and base metals project had been concluded after the office of the Prime Minister of the Russian Federation approved the issue of a mining permit.

The AIM-listed PGM and gold producing company said the announcement, made public through official government channels earlier today, ends the formal procedure and involves the issue of the licence together with details of the advance royalty payment, which will follow shortly.

The Monchetundra project comprises 1.9mln ounces of palladium-led reserves and resources with platinum, gold, copper and nickel with a gross in-situ value of US$2.11bn.

A contract for engineering, procurement and construction and financing is in place with Sinosteel for the development of the mine.

Speaking after the announcement, Christian Schaffalitzky, Eurasia Mining’s chairman commented: “We are very happy that our work on obtaining this licence, which began more than ten years ago, has finally been completed. We are also pleased that the Company is debt-free as it prepares to develop Monchetundra.”

In early morning trading on Wednesday, Eurasia Mining shares topped the London market gainers board, up 27.3% at 1.025p.

 -- Adds share price --

Quick facts: Eurasia Mining PLC

Price: 30 GBX

AIM:EUA
Market: AIM
Market Cap: £827.61 m
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