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Eurasia Mining Makes Progress On Monchetundra Mine Permit Application

Wed, 13th Jun 2018 12:32


LONDON (Alliance News) - Platinum and gold miner Eurasia Mining PLC said Wednesday that its mine permit approval for Monchetundrea in Russia has been approved by the Federal Securities Board and Ministry of Defence.

The permit has now been progressed to ministerial level, where it will be reviewed by the Ministry of Economic Development and Ministry of Natural Resources before being passed to Prime Minister Dmitry Medvedev for final approval.

A successful grant is expected to take place by late summer.

The Monchetundra project currently contains state approved reserves and resources of 2 million ounces of platinum group metals with a palladium:platinum ratio of 2:1 and an in-situ value of USD2 billion.

"A very welcome development for our Monchetundra mining license permit, which remains on schedule. We are buoyed by passing this key step en route to a mine permit and wish many thanks to our team in Russia and the administrators who see the merit in this major mining opportunity for the town of Monchegorsk and the Russian PGM industry generally," said Managing Director Christian Schaffalitzky.

Shares in Eurasia Mining were up 0.7% at 0.38 pence on Wednesday.

By Dayo Laniyan; dayolaniyan@alliancenews.com

Copyright 2018 Alliance News Limited. All Rights Reserved.

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