George Frangeskides, Chairman at ALBA, explains why the Pilbara Lithium option ‘was too good to miss’. Watch the video here.
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So can you put it in simple terms for the other peps please?
At the beginning of 2018 Venus Garden Holdings Limited Churakova purchased for $ 350 thousand. 7% "daughter" the Eurasia "Kosvinsky Kamen", which owns the existing fields in Western Kytlym in the Sverdlovsk region, told a British company. Its reserves are 20 tons of platinum and related metals - gold, palladium, iridium and rhodium; in 2018, 165 kg of platinum were mined at the deposit with a forecast production volume of up to 1 ton of metal per year. The same message said that in November 2017 Churakov bought a stake in Eurasia, but its size was not disclosed. “In fact, with this money (stocks and loans) in 2018, the company launched production in the Urals,” the source told RBC.
“We are grateful to Churakov for his contribution to the development of Western Kytlym and preparation for the purchase of an enrichment plant. We are also pleased that Churakov took over as a consultant on the company's strategy and will bring his experience in M&A deals in the mining industry, as well as high-level contacts with mining companies, including South African Lesego Platinum, ”said Christian Shaffalitsky, Chairman of the Board of Directors of Eurasia, .
Top-level contacts are understood as acquaintances with top managers of such companies as Glencore, Gold Fields, Sumitomo, Norilsk Nickel, Polyus, Polymetal, UMMC, and Russian Platinum. For example, the CEO of Lesego Platinum Nyuvenheys James worked as chief operating officer of the "pole" for five years, since 2011, and can now enter into Eurasia's board of directors, if the negotiations succeed, according to a British company.
https://www.rbc.ru/newspaper/2019/09/20/5d81f61b9a7947ae33b4faab
Alexey Churakov, ex-manager of Sumy Ziyavudina Magomedova, became a shareholder and consultant on the Eurasia Mining strategy, which produces platinum in the Urals. He has invested up to $ 10 million in the company and is in talks to attract investors
Alex Churakov that in 2012-2018 he worked as the Chief Investment Officer of the "Amount" Ziyavudin Magomedov, was appointed as a consultant on strategy of the British company Eurasia Mining Board of Directors, the platinum mining in Russia, said in a statement.
Even before this appointment, Churakov helped organize the visit of the delegation of the South African Lesego Platinum, led by its director general James Newvenheis, who over the past few months carried out due diligence of the Eurasia Mining West Kytlym deposits in the Urals and Monchetundra on the Kola Peninsula, the British company said. Lesego evaluated infrastructure accessibility, logistics, ore samples, laboratory tests, and other information to “consider, along with other options, the partial acquisition of Eurasia subsidiaries or the establishment of joint ventures in the fields,” Eurasia reports.
Basically, for help in organizing these negotiations and as an incentive, the main shareholder and member of the Eurasia board of directors Dmitry Suschev (at the end of 2018 owned 19.2% of its shares) agreed to transfer to Churakov at a par value of 25.47% of Deloan Investments, through which he owns 11.07% of the British company, Eurasia Mining said in a statement. Thus, the former top manager of Sumy became the owner of 2.82% of Eurasia.
“I have known Eurasia Mining for a long time, watched its progress for a couple of years, got acquainted with the team and major shareholders, was able to evaluate the prospects for the whole precious and non-ferrous metal sector as a whole, the company focuses on it and the prospects those specific projects that the company owns and develops, ”said RBC Churakov. According to him, in 2017 and 2018, he bought shares in Eurasia and its subsidiaries at his own expense. “This year, for a number of things I did, I received a new small package at par,” he said.
A source close to the shareholders of the British company told RBC that Churakov invested a total of up to $ 10 million in this project. “This amount includes the purchase of shares in Eurasia and its subsidiaries and debt financing provided to the company. As a result, the total package in direct and indirect ownership is noticeably larger than 2.8%, ”he said. As a result of trading on the London Stock Exchange on September 18, 100% of Eurasia cost £ 13.3 million, or $ 16.6 million. Churakov himself did not name the total size of the package in Eurasia and investments in the company.