Eurasia Mining plc (LON:EUA) told investors that it has now been given notice to pay a one-time licence payment terms.
Earlier this week, the company announced the official issue of a mining permit for the Monchetundra project.
READ: Eurasia Mining receives final permission to build Monchetundra
The company, in a statement, said that the payment has been calculated by Russia’s mining agency, Rosnedra, as RUR20.8mln and, of that, some RUR4.1mln (the equivalent of £48,853), 20% of the total, should be paid within 30 days of registering the licence.
The other 80% of the license fee is payable within five years of licence registration.
Official documents are expected to be transferred to the company in the coming weeks.
Eurasia Mining intends to pay the initial 20% payment from its available funds upon registration, while the balance will be met as part of the capital development of the project.