Proactive Investors - Run By Investors For Investors

Eurasia receives mining licence for Monchetundra palladium project

Eurasia is proving adept at negotiating Russia's mining bureaucracy
Eurasia receives mining licence for Monchetundra palladium project
The licence is valid until 2038

The official licence certificate for the Mochetundra project in Russia has now been delivered to Eurasia Mining plc (LON:EUA).

The licence was registered with the state registry of subsoil mining licences in Moscow on Monday, December 10.

WATCH: Eurasia Mining Plc hails final approval for Monchetundra mine

A company director of the local subsidiary attended at Rosnedra in Moscow, the federal agent responsible for mining law, and received the mining license in person. This was subsequently officially filed with the state registry.

Rosnedra set the one-time licence payment at just under 21mln roubles, of which just over 4mln roubles, or nearly £49,000 is to be paid within 30 calendar days of registration of the licence.

The remainder is payable within five years of the date of the licence's registration.

A photograph of the official document, mining license MUR16493, has been uploaded to the company's twitter feed. The license is issued to Terskaya Gornaya Kompany, Eurasia's 80% owned subsidiary, and is valid to 7 December 2038 for the extraction of palladium, platinum, gold, copper and nickel.

'Congratulations to all our team in bringing this matter to a successful conclusion,” said Eurasia chief Christian Schaffalitzky.

“Again we wish to thank the officials involved in moving the licence documentation along so soon after the final decree from Prime Minister Medvedev. We look forward to advancing the project through construction now that the final permits are entirely in place.”

The Monchetundra project contains a state-approved reserve and resource of around 2mln ounces of palladium equivalent, with significant additional nickel and copper revenue streams.

 

 

View full EUA profile View Profile

Eurasia Mining plc Timeline

Related Articles

1516878599_58441.jpg
August 08 2018
Eurasia Mining has an enviable position in Russia platinum and platinum group metals
1543505683_Jubilee---workers-at-Hernic.jpg
November 30 2018
Jubilee Metals will be adding significant extra production capacity in the short to medium term
1538664421_diamond-drill-350.jpg
October 04 2018
Last month, Jaxon said it had identified Backbone as a gold-bearing tourmaline breccia zone with a 1,000-metre long strike

© Proactive Investors 2019

Proactive Investors Limited, trading as “Proactiveinvestors United Kingdom”, is Authorised and regulated by the Financial Conduct Authority.
Registered in England with Company Registration number 05639690. Group VAT registration number 872070825 FCA Registration number 559082. You can contact us here.

Market Indices, Commodities and Regulatory News Headlines copyright © Morningstar. Data delayed 15 minutes unless otherwise indicated. Terms of use