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Eurasia Mining boasts strong finances as sales process continues

The company's finances are the best they've been in the past decade, Christian Schaffalitzky said.

Eurasia Mining PLC - Eurasia Mining boasts strong finances as sales process continues

Eurasia Mining PLC (LON:EUA), which put itself up for sale earlier this year, confirmed in its interim results statement that it is in a strong financial position.

The move 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, chairman Christian Schaffalitzky said in a statement.

Financial results, released after market close on September 30, confirmed a US$1.09mln loss and it ended the half with US$50,895 of cash. In August, it raised US$10mln through an institutional share placing.

READ: Eurasia shuffles management to focus on sale

Schaffalitzky highlighted that the company’s finances are now considerably stronger than at any point in the past decade, as it advances the sales process.

“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,” he said.

“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.”

He added: “West Kytlim is now a sustainable and long-term low cost PGM resource in the Urals, where again we have established a dominant stance.”

“Shareholders should recognise that the process Eurasia is in now implies that the company is very limited in what it can discuss in the public domain. Nevertheless, we look forward to updating our many long-term supporters and new members.”

Quick facts: Eurasia Mining PLC

Price: 28.5 GBX

Market: AIM
Market Cap: £786.23 m

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