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Eurasia Mining rockets higher as company hoists 'for sale' sign

Snapshot

  • Palladium, platinum and gold miner focused on Russia
  • Company up for sale
  • Now in production at West Kytlim
platinum

Quick facts: Eurasia Mining PLC

Price: 30.4111 GBX

AIM:EUA
Market: AIM
Market Cap: £853.54 m
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What it owns

Eurasia is in production at its West Kytlim platinum and gold mine in the Ural mountains.

The company 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.

Eurasia put itself up for sale earlier in the year.
 

How it's doing

In October, chairman Christian Schaffalitzky said the decision to raise the ‘for sale’ sign was the culmination of many years of hard work by the team in realising the value in its projects.

In August, Eurasia raised US$10mln through an institutional share placing and Schaffalitzky highlighted that the company’s finances are now considerably stronger than at any point in the past decade.

“With the final approval of the Flanks license surrounding Monchetundra, the company has been successful in establishing a dominant position and a first-mover advantage in Kola PGM, which, coincident with developments in the PGM market, has spurred interest in the company.”

“The board and executive team have now been restructured to fully focus on the sale process.

“Meanwhile our mine at West Kytlim is now owner operated. Running the mine ourselves has created synergies and efficiencies particularly in the project's geological and concentrate upgrade functions."

Inflexion points

  • Conclusion of sale process
  • Board restructured to focus on sale
  • Production from West Kytlim starting to ramp up

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