Eurasia Mining PLC (AIM:EUA) has signed, via its Kola subsidiary, a legally binding cooperation agreement with the Russian state-owned Far East and Arctic Region Development Corporation, which itself falls under the remit of the Russian Ministry for the Development of the Far East and Arctic.
Establishing cooperation with ERDC with regard to all Eurasia's projects in the Kola Peninsula will allow Eurasia to obtain further state support and various tax and non-tax benefits for both Eurasia's own projects and all the projects included in the agreement between the company and Rosgeo..
Due to their location in the Arctic Zone of the Russian Federation, the Kola Projects have been included in and will be significantly enhanced by the ERDC Agreement.
"The directors are delighted to sign this legally binding agreement with ERDC, that helps strengthen our titles to the projects,” said Christian Schaffalitzky, executive chairman of Eurasia.
“The ERDC Agreement is a critically important milestone in developing our strategic options both in relation to the confirmation of our ownership titles and in relation to various tax and non-tax benefits adding further value to the company."