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Eurasia Mining rockets higher with palladium price

Snapshot

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

Quick facts: Eurasia Mining PLC

Price: 7.2 GBX

AIM:EUA
Market: AIM
Market Cap: £196.18 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 it's doing

Shares in Eurasia have rocketed as punters have eyed the value of Monchetundra in the wake of a soaring palladium price. 

Eurasia is currently operating the Monchetundra project, which contains two palladium open pit deposits, while the flanks area and other immediate adjacent areas contain potential platinum group metals (PGM) resource of 15mln ounces, with an additional potential resource of around 4mln ounces within 5 kilometres of the licence area.

The company is still awaiting final approval from SevZapNedra, the regional licensing body.

“We look forward to the formal license issue, which is in line with our strategy to become one of the largest alluvial PGM operations globally,” chairman Christian Schaffalitzky said in a release.

In February, the shares were suspended pending clarification of the company's relationship with CITIC, a Chinese state-owned investment company..

 

Inflexion points

  • Triggering of finance package at 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...

on 30/10/19

2 min read