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Eurasia Mining increases production forecast at Loipishnune, West Nittis open pits

The miner has completed a detailed mining plan for the first five years of the project

Eurasia Mining PLC - Eurasia Mining increases production forecast at Loipishnune, West Nittis open pits

Eurasia Mining PLC (AIM:EUA, FRA:EUH) said a detailed mining plan has been completed for the first five years of the life of the Loipishnune open pit and the West Nittis open pit, both of which form part of the Monchetundra project.

The miner said that phase one of annual ore production was increased by 1.7 times to 1.7mln tonnes per annum compared to the Russian Feasibility Study.

READ: Eurasia Mining highlights operational progress after share price jump

The revised production profile has resulted in the metal grades in the first year of production of 2.6 grammes per tonne of palladium and 3.5 grammes per tonne in total of palladium, platinum and gold at West Nittis open pit mine.

A revised production profile at Loipishnune has also resulted in 1.8 grammes per tonne of palladium and 3.1 grammes per tonne in total of palladium, platinum and gold in the first year of production.

Phase one annual metal production is now 128,000 ounces of palladium equivalent, over 70% higher than the volume projected in the FS.

This production volume does not include Monchetundra Flanks and Rosgeo JV projects, which will be separately announced, the AIM-listed firm said.

Mining equipment selection has also been revised with the focus on the use of electric shovels, following an ESG friendly strategy focused on low-cost electricity connection and electric excavators. Hydro and nuclear energy will power the project.

Quick facts: Eurasia Mining PLC

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Price: 26 GBX

Market Cap: £741.93 m

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