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Eurasia receives mining licence for Monchetundra palladium project

Eurasia is proving adept at negotiating Russia's mining bureaucracy

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.



Quick facts: Eurasia Mining PLC

Price: 7.2 GBX

Market: AIM
Market Cap: £196.18 m

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