Eurasia Mining PLC (AIM:EUA) in a statement told investors that it has incorporated a 100% beneficially owned subsidiary, Kola Mining LLC to carve out the company’s PGM assets into a separate entity.
The subsidiary separates PGMs from the group’s core nickel interests.
“The directors are pleased that our structuring is approaching completion, as we work hard with DLA Piper and our other legal advisers,” said executive chairman Christian Schaffalitzky.
“We are making good progress despite the current geopolitical context and a separate announcement will be provided.
“Contrary to speculations, the directors and the officers of Eurasia have not sold any shares and, as the largest shareholder group, are focused on the liquidity event along with all shareholders.”
Eurasia chief executive James Nieuwenhuys, meanwhile, added: "Having worked for many years in Russia including 5 years as COO at Polyus, I got to know Russia well.
“My fellow Directors and I are calm and expect a peaceful resolution of the geopolitical tensions.”
"We are grateful to the Russian people, hard working women and men including Eurasia's team on the ground that forms the backbone of our success producing the world's cleanest PGM ounces for the growing hydrogen economy making us ESG friendly across the whole value chain.”