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Eurasia Mining hails approval of production increase plans for Urals project

Stripping and earthmoving activities at Kytlim are ongoing and unaffected by COVID-19, the miner said

Eurasia Mining PLC -
Work at West Kytlim last year

Eurasia Mining PLC (LON:EUA) said the definitive feasibility study for its West Kytlim platinum and gold mine in the Urals has been approached at a formal meeting of the Russian State Committee on Reserves.

The company said this is a “step change” in the development of the mine by allowing production at several open pits concurrently and all year round, which should increase production volumes.

Executive chairman Christian Schaffalitzky said the planned changes were part of “confirming West Kytlim's position as the world's largest operation of this type”.

“After significant capital investment at West Kytlim into the production scale up and into the rehabilitation, the cash position of Eurasia is robust with over US$7m, while the company is pursuing its strategy as previously reported.”

Stripping and earthmoving activities at Kytlim are ongoing and unaffected by COVID-19, Eurasia Mining said, and they are set to continue uninterrupted until the spring when running water will allow the resumption of ore beneficiation, which will be able to run concurrently with mining operations.

There have been zero cases to date at its operations, which is attributed to the mechanised open pit nature of the operations and the strict prevention measures implemented.

Quick facts: Eurasia Mining PLC

Price: 28.975 GBX

AIM:EUA
Market: AIM
Market Cap: £792.57 m
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