Charles Jillings, CEO of Utilico, energized by strong economic momentum across Latin America. Watch the video here.
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I am happy with that RNS.
Highlights that EUA is moving forward with mining. We have sufficient cashflow to see out the year whilst continuing to mine & prices for PGMs increases again as supply's run low.
I personally would love a buyer to show up but we would make even more if we mined ourselves for a year and then sold.
The SP for EUA is going nowhere but up in the long term. Still one of the best shares in AIM & happy I bought it last year.
did you think a dream world TO would just fall out the sky during covid? It’s not going to be a smooth run if that’s the endgame you want
today’s rns just states some changes and aim to mine as normal far from a disaster
Read it again Gecko, and I am sure we will get the doom and gloom merchant seizing on it, if we don’t get a Nomad sorted by the end of May it matters not a jot how long Covid-19 lasts.
I was quietly confident that today would be the day!!!!
Reads fine to me, downside suspension will last the distance with covid
Link to update RNS-
https://polaris.brighterir.com/public/eurasia_mining_plc/news/rns/story/w05n0pr
GLA
EURASIA MINING PLC
("Eurasia" or "the Company")
GENERAL UPDATE
Eurasia Mining plc, the palladium, platinum, rhodium, iridium and gold producing company, operating the established West Kytlim Mine in the Urals, and also the operator of the Monchetundra Project comprising two predominately palladium open pit deposits located 3km away from Severonickel, one of Norilsk Nickel's largest base metals and PGM processing facilities, near the town of Monchegorsk on the Kola Peninsula, provides a general and operational update.
The Company's shares remain suspended pending further notification.
GENERAL UPDATE
This update is made further to the announcement of 11 February 2020 which stated that, following social media speculation, trading in the Company's ordinary shares was suspended pending clarification of its relationship with CITIC.
The Company clarifies that its conversations with CITIC to date have been with CITIC Merchant Co. Limited ('CITIC Merchant'), the merchant banking arm of the CITIC Group Corporate Limited. CITIC Merchant is 51% owned by CITIC International Assets Management Limited, which in turn is a 46% subsidiary of CITIC International Financial Holdings Limited (a wholly owned subsidiary of the CITIC Group):
http://www.citiciam.com/index.php/article/management_read/catid/280/id/319.html.
CITIC Merchant provides M&A advisory, corporate finance, asset management, principal investment and fund management services.
This Company's discussions on its projects have continued with potential buyers at and after the global mining conferences of Indaba and PDAC, and following the temporary closure of the PGM mining industry in South Africa which has the capacity to produce 70-80% of global platinum and 40-50% of global palladium supply. The restart for some South African PGM miners may also prove difficult especially as there may be limited access to financing after all credit agencies (S&P, Moody's and Fitch) downgraded South Africa below the investment grade into 'junk' territory coupled with continued volatility in PGM prices (particularly platinum). The Company reiterates that at this stage there can be no guarantee that any transaction will occur.
Cash and liquidity
The Company confirms that it has no debt, and that it maintains an unused credit line (the "Credit Line") of US$1m from its largest shareholder put in place in June 2018 and its current cash position is circa £0.6m. Further details of the Credit Line are set out below. The Company's cash position is after the expenditure on capital items required for West Kytlim discussed below and the additional purchases of a new washplant, mining equipment and ancillary capital items made at the end of last year and the start of this year. The capital expenditure is targeted at expanding production and increasing the value of the asset at West Kytlim. The Director's believe the Company's cash reserves and the unused Credit Line of US$1m, as well as the revenue