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Eurasia Mining beginning to build scale in platinum group metals portfolio, helped by track record of competence in Russia

Snapshot

  • Platinum and gold miner focused on Russia
  • Now in production at West Kytlim
  • Exploration potential at flanks that can increase resources at Monchetundra ‘severalfold’
platinum

Quick facts: Eurasia Mining PLC

Price: 4.06 GBX

AIM:EUA
Market: AIM
Market Cap: £107.81 m
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What it owns

Eurasia is currently in production at its West Kytlim platinum and gold mine in the Ural mountains. Eurasia has just brought operation in-house and will earn 100% of revenues from 2019 onwards.

Eurasia also owns the Monchetundra platinum and palladium deposit on the Kola peninsula in north European Russia, which boasts a resource of two million ounces, and which is currently the subject of economic studies. The in-situ value of the metal is estimated at over US$2bn.

The third significant asset owned by the company is the Semenovsky gold tailings project, which contains three million tonnes of sand grading 1.2 grams per tonne gold.
 

How is it doing

Development of a 2mln ounce platinum and gold project is already in train with engineering contracts in place for open-pit mines at Loipishnune and West Nittis, but Eurasia believes there is a high chance the mineralisation will continue on-strike into the flanks area.

“On receipt of the flanks area exploration licence these areas will become high priority brownfield exploration targets, which the directors believe may increase the resources for the project severalfold,” said Christian Schaffalitzky, chairman.

In August, Eurasia signed the EPC ( engineering) contract with Chinese firm Sinosteel, which came with an associated mine finance package.

The bulk of this mine finance comes in the form of a US$149.5mln ten-year loan facility at six month LIBOR plus 3.5%.

Eurasia and its 80% subsidiary TGK are now working to secure the conditions for triggering this finance package.

The detailed project design report, including open pit design, detailed land survey of the two open pit sites, and other key work is now complete
 

Inflection points

  • Triggering of finance package at Monchetundra
  • Exploration starts at flanks area of Monchetundra
  • Partner found for the project
  • Benefits of moves to 100% operatorship of West Kytlim start to show through

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Watch

Eurasia Mining's Dmitry Suschov discusses 'strategic options' for its mining...

Eurasia Mining's (LON:EUA) Dmitry Suschov speak to Proactive London's Andrew Scott followingn the news they've engaged two banks as they consider the 'strategic options' for its Kola and Urals mining assets . He says VTB, an arm of Russia’s VTB Group, and CITIC, which is owned by the Chinese...

3 weeks, 3 days ago

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