Eurasia Mining PLC (AIM:EUA, FRA:EUH) has appointed a new chief executive of its subsidiary companies in the Kola Peninsula of Russia.
Konstantin Firstov, former Managing Director of Rosgeo has been appointed as chief executive of the 100% subsidiary Yuksporskaya Mining Company, and as chief executive of the 80% subsidiary Terskaya Mining Company.
Terskaya holds the Monchetundra and Monchetundra flanks licences..
Firstov is an experienced mining engineer who previously worked as the head of open pit mining at Achinsk, the largest operation of Rusal, a leading company in the global aluminium industry.
On 26 March 2021, Eurasia signed a binding agreement to create a joint venture with Rosgeo in which Eurasia will own a 75% equity stake in nine platinum group metal and battery metals assets with a total of 104.6mln ounces of platinum equivalent reserves and resources in the immediate vicinity of the Monchetundra project in the Kola Peninsula.
Accoringly, Monchegorskoe LLC was created to hold the licence for the Nyud open pit PGM and battery metals deposit and Eurasia's Yuksporskaya company has signed a notarised agreement with Rosgeo under the terms of which it will become a 75% shareholder in Monchegorskoe LLC after the licence for Nyud is transferred from Rosgeo to Monchegorskoe LLC.
Eurasia, through Yuksporskaya, will also have a right to acquire Rosego's 25% shareholding in Monchegorskoe LLC upon the completion of a JORC Code compliant competent persons report on Nyud.
“The board members are confident that Konstantin's experience, as the head of Achinsk open pit mining operations and as managing director of Rosgeo, augmented with my extensive EPC experience to manage turnkey construction and commissioning will be important at Rosgeo JV projects going forward, while the West Kytlim expansion is already in good hands of our in-house team on the sites," said James Nieuwenhuys, chief executive of Eurasia Mining.