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Eurasia Mining says it expects final definitive feasibility study approval this month

The approval process is advancing and final approval is now expected soon

Eurasia Mining PLC - Eurasia Mining says it expects final DFS approval this month

Eurasia Mining PLC (LON: EUA) has updated on the definitive feasibility study (DFS) for its West Kytlim mine project in the Urals where final approval of the key document is now expected this month.

The company noted that the DFS has now been approved by the working meeting of the Russian State Committee on Reserves.

It said final DFS approval will be an important milestone for the project, because it will eliminate single asset risk – by unlocking production across several pits – and will allow concurrent mining that will enable increases in production volumes (versus a sequential approach to mining the deposits).

Importantly, approval of the DFS will allow all-year-round mining operation for stripping, earthmoving and mining activities. It will mean that during winter months, when the water source is frozen, the company will be able to prepare ore stockpiles for treatment in the next processing season.

READ: Eurasia highlights strong finances

"The directors are delighted with the finalisation of the DFS and the approval process aimed at production increase in these exciting times for PGMs especially for palladium and rhodium,” said executive chairman Christian Schaffalitzky in a statement.

“The company is committed to its strategy, while also adding value to its projects. Further announcements will be made in due course".

Presently, whilst DFS preparation and approvals were the main focus, the company noted that it has also begun preparations for 2021 early.

It noted that 1,525 ounces of raw platinum was produced this season and looking to 2021 it expects to learn some lessons from last year - when it was impacted by a delayed permit.

Efforts included the preparation of technical project documentation for 2021 production, early application for permission from forestry authorities, acquisition of additional equipment to increase the production volumes in anticipation of the concurrent mining at several open pits and early stripping, earthmoving and stockpiling activities.

Additionally, the company said it has put in place strict measures in relation to prevention which allowed for zero coronavirus (COVID-19) cases at West Kytlim production sites.

Quick facts: Eurasia Mining PLC

Price: 30 GBX

AIM:EUA
Market: AIM
Market Cap: £827.61 m
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